OLSHAN LUXURY MARKET REPORT

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December 19-25, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
December 19-25, 2011: 12 Contracts Signed

It is so fitting that at the end of a strong luxury year, we can pop a cork and raise a glass of champagne to the biggest sale in New York history. A contract was signed for the 20th floor penthouse at 15 Central Park West. The price: $88 million! It was bought by a 22- year-old Russian student named Ekaterina Rybolovleva, the daughter of fertilizer mogul Dmitry Rybololev, who was ranked by Forbes as the 93rd richest person in the world, with an estimated net worth of $9.5 billion. Yesterday, The Observer reported that she also bought a unit in the building for her security detail: apartment 3F, asking $8.395 million for 2 bedrooms, 2.5 baths, and 1,987 square feet. Rybolovleva, an attractive blonde who resides in Monaco and Switzerland, attends an undisclosed U.S. university. Currently, her father is locked in a bitter divorce battle with billions at stake. The $88 million penthouse apartment, owned by ex-Citicorp chairman Sandy Weill, has 10-rooms, 6,744 square feet, and a 2,077 square foot terrace. Weill purchased it in 2007 for $43.68 million, and has said he will donate the proceeds of the sale to charity.

The top three out of 12 contracts signed last week were penthouses. The No. 2 sale was a condo at 429 Greenwich Street, asking $22 million. It is a duplex with 5 bedrooms, 5.5 bathrooms, a lap pool, and 2 garage spaces in the building known as Dietz Lantern. The No. 3 sale was a triplex penthouse at 941 Park Avenue, asking $14,900,000. The 12-room co-op has 4 bedrooms, 5.5 baths, and a wraparound terrace, and needs updating. The differential in price between 429 Greenwich and 941 Park underscores the appetite for condos over co-ops and renovated apartments over those requiring work.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
December 19-25, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

1

 

 

 

4

Condos

1

2

 

2

Avg. Price: $6,533 sq.ft.
Avg. Size : 3,891 sq.ft.

5

Condops *

 

 

1

 

Avg. Price: $2,885/sq.ft.
Avg. Size: 2,391 sq.ft.

1

Townhouses

 

 

2

 

Avg. Price:.$941 sq.ft.
Avg. Size: 5,341 sq.ft

2

Totals

4

3

3

2

 

12


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $176,939,000
Average Asking Price: $14,744,917
Median Asking Price: $6,749,500
Average Discount from Original Ask to Last Asking Price: 3%
Average Days on Market: 285

TO VIEW December 19-25, 2011: 10 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/12022454def121.htm

TO VIEW December 19-25, 2011: 2 CONTRACTS SIGNED ON TOWNHOUSES:
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/1202240faa4fa9.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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