OLSHAN LUXURY MARKET REPORT

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December 5-11, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
December 5-11, 2011: 11 Contracts Signed

There were 11 contracts signed last week, and the top three sales were downtown penthouse condos asking above $11 million. Two of the penthouses were in Tribeca , and one was in the West Village. The 3 penthouses had at least 4 bedrooms, large terraces, and asking prices averaging $2,555/square foot.

The No. 1 sale was the Penthouse at 55 Warren Street, asking $16,500,000. This unit has 4 bedrooms, 4.5 bathrooms, multiple terraces, and 5,912 square feet. It is one of only 4 units in a new boutique condo with a limestone Italianate façade. The condo, with a part-time doorman and gym, came on the market in September.

The No. 2 sale was the penthouse at 130 West 12th Street, asking $12,850,000. This 3,875 square foot unit is in the hot new prewar condominium being developed by the Rudins as part of the St. Vincent’s development site. The building came on the market in November and within a month sold 15 out of 24 units with an average asking price of $2,013/square foot.

In the townhouse market, 171 East 73rd Street, asking $6,750,000, went to contract having been reduced from its February price of $7,825,000. This 20-foot-wide house, with 4,740 square feet, needs extensive renovation. From 60th to 95th Street, west of Third Avenue, there are now only 5 townhouses on the market that are 20-feet wide and asking under $10 million.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
December 5-11, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

 

2

 

 

 

2

Condos

1

 

 

6

Avg. Price: $2,232 sq.ft.
Avg. Size : 4,065 sq.ft.

7

Condops *

 

 

 

 

 

0

Townhouses

1

 

1

 

Avg. Price:.$988/sq.ft.
Avg. Size: 5,808 sq.ft

2

Totals

2

2

1

6

 

11


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $84,675,000
Average Asking Price: $7,697,727
Median Asking Price: $5,995,000
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 209

TO VIEW December 5-11, 2011: 9 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/120210ced8f91d.htm

TO VIEW December 5-11, 2011: 2 CONTRACTS 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/1202108c60d45f.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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