OLSHAN LUXURY MARKET REPORT

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November 21-27, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
November 21-27, 2011: 6 Contracts Signed

After 5 strong weeks, sales tapered off, coinciding with the biggest percentage loss in the stock market for a Thanksgiving week since 1932. Nevertheless, two 12-room co-ops on Park Avenue, asking in the $11 million range, went to contract within a month of going on sale, demonstrating the demand for large units in very good condition.

The No. 1 sale : the 12th floor at 860 Park, asking $11,495,000, with a monthly maintenance of $9,207. The unit has approximately 4,000 + square feet, with the living room, library, and 2 out of 4 bedrooms facing Park Avenue. There are 4.5 baths and a large eat-in kitchen. The apartment was in excellent condition and had a contract signed within 9 days of its listing. The No.2 sale of the week was 8/9C at 941 Park Avenue, asking 11 million, which was listed in the middle of September. In May, NBC newscaster Tom Brokaw sold a similar unit, six floors above in the same building , for $10 million.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
November 21-27, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

 

 

 

 

2

Condos

1

2

 

 

Avg. Price: $2,346/sq.ft.
Avg. Size : 2,210 sq.ft.

3

Condops *

 

 

 

 

 

0

Townhouses

 

 

 

1

Avg. Price:.$1,539/sq.ft.
Avg. Size: 5,719 sq.ft

1

Totals

3

2

 

1

 

6


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $46,830,000
Average Asking Price: $7,805,000
Median Asking Price: $7,682,500
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 255

TO VIEW November 21-27, 2011: 5 CONTRACTS SIGNED ON APARTMENTS:
Please click here to view the listings. If that doesn't work, please copy and paste the following address into your browser. Alternatively, you can Press Control and Click on the link below:
http://media.realplusonline.com/webreports/1201279b52a957.htm

TO VIEW November 21-27, 2011: 1 CONTRACT SIGNED ON A TOWNHOUSE:
Please click here to view the listings. If that doesn't work, please copy and paste the following address into your browser. Alternatively, you can Press Control and Click on the link below:
http://media.realplusonline.com/webreports/12012772423b1f.htm

Report Prepared by:

Donna Olshan
President
dso@olshan.com

Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com

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