OLSHAN LUXURY MARKET REPORT

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January 9-15, 2012

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
January 9-15, 2012: 7 Contracts Signed

2012 has started out in slow motion. For the second week in a row, the number of contracts failed to impress—only 7 were signed: 5 condos and 2 townhouses.

The No. 1 contract was the Forbes Mansion at 11 West 12th Street, asking $13,500,000.

The 25' wide brick house with a 2-car garage went on the market last February for $15,250,000. It had been the home of the late Malcolm Forbes, founder of Forbes Magazine, who entertained many global figures and celebrities in his prime Greenwich Village home, which had 6,946 square feet, an elevator, and a well-stocked wine cellar.

The No. 2 contract of the week was the 5th floor, 3,539 square foot condo at 350 West Broadway, asking $9,850,000 for 3 bedrooms, a study, and 4.5 baths. The property itself was purchased in 2006 for $15,453,750, and developed into 8 full-floor units with an expensive design by the acclaimed architect William T. Georgis. Last week's contract was the third sale signed since the building put its units on the market in 2008.



NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
January 9-15, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

 

 

 

 

 

0

Condos

1

1

2

1

Avg. Price: $2220/sqft.
Avg. Size : 2,981sq.ft

5

Condops *

 

 

 

 

 

0

Townhouses

 

1

 

1

Avg. Price: $1,219/.ft.
Avg. Size: 7,571 sq.ft.

2

Totals

1

2

2

2

 

7


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $51,545,000
Average Asking Price: $7,363,571
Median Asking Price: $5,500,000
Average Discount from Original Ask to Last Asking Price: 8%
Average Days on Market: 351

TO VIEW January 9-15, 2012: 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/1203153ad595f7.htm

TO VIEW January 9-15, 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/120316c693794f.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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