OLSHAN LUXURY MARKET REPORT

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December 26, 2011 - January 1, 2012

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
December 26, 2011 - January 1, 2012: 7 Contracts Signed

Seven contracts were signed last week, bringing the total for 2011 to 572 contracts at $4 million and above. It was the best year in luxury sales since 2007, highlighted by some record breakers. The most expensive residence ever sold in New York went to Ekaterina Rybolovleva, a 22-year-old student from Russia, who paid $88 million for a penthouse at 15 Central Park West, more than twice the price of the most expensive apartment sold in 2010. Rybolovleva, who attends an undisclosed U.S. university, is the daughter of fertilizer mogul Dmitry Rybololev, who was ranked by Forbes as the 93rd richest man in the world with an estimated $9.5 billion. The No.2 apartment sale of the year was at The Plaza condo for $48 million to Russian composer Igor Krutoy.

The top of the 2011 market was stronger than 2010, with 139 residential properties closing at prices of $10 million or more, totaling over $2.2 billion in sales, as opposed to 129 in 2010, totaling $2.04 billion.

Last week, the No. 1 contract was apartment 11A at 19 East 72nd Street, asking $17 million. This is a 10-room co-op with 3 bedrooms, library, 2 working fireplaces, and 5.5 baths. The No. 2 sale was a 25' wide townhouse at 16 East 10th Street asking $13 million. The house needs a complete renovation.

Number of Contracts Signed On Apartments at $4 Million and Above*

2007: 2008: 2009: 2010: 2011:
644 503 365 465 582

*Stay tuned for more year-end stats in next week's report.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
December 26, 2011-January 1, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

 

 

2

 

4

Condos

 

 

1

 

Avg. Price: $2,511 /sq ft.
Avg. Size : 2,350 sq.ft..

1

Condops *

 

 

 

 

 

0

Townhouses

 

 

 

2

Avg. Price: $1,628/.ft.
Avg. Size: 5,836 sq.ft.

2

Totals

2

0

1

4

 

7


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $59,245,000
Average Asking Price: $8,463,571
Median Asking Price: $5,995,000
Average Discount from Original Ask to Last Asking Price: 4%
Average Days on Market: 238

O VIEW December 26, 2011-January 1, 2012, 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/120301c98099d0.htm

TO VIEW December 26, 2011-January 1, 2012: 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/120301cd3cba6b.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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