OLSHAN LUXURY MARKET REPORT

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January 30 - February 5, 2012

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
January 30 - February 5, 2012: 15 Contracts Signed

Last week marked the best performance in the luxury market in the last 3 months. 15 properties went to contract at $4 million and above, kicking off the prime February to June selling season. It seems that January’s stock market spike has started to resonate throughout the real estate market.

The No.1 sale was the 9th floor at 1030 Fifth Avenue, asking $35 million. The co-op went to contract in less than a month. According to our records, this property was purchased in 1995 for $5,766,750 by George S. Blumenthal, the co-founder of Cellular Communications. The 9th floor is a rare space, with 13 rooms and 55-feet of frontage on Fifth Avenue. The apartment has 6 bedrooms, 6 bathrooms, 4 fireplaces, a library, eat-in kitchen, gym, and a maid’s room.

Another 9th floor unit scored the No. 2 spot: Apartment 9 A at 625 Park Avenue, asking $19.5 million. It went on the market in May 2011 for $20 million and was reduced by $500,000 in October. This 12-room co-op is in excellent condition, with 5,300 square feet, 4 bedrooms, 4.5 bathrooms, a library, 4 fireplaces, and 3 maid’s rooms.



NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
January 30 - February 5, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

2

 

 

 

5

Condos

2

 

 

6

Avg. Price: $1,959/sqft.
Avg. Size : 3,188 sq. .ft.

8

Condops *

 

 

 

 

 

0

Townhouses

1

 

 

1

Avg. Price: $1,567/.ft.
Avg. Size: 4,546 sq.ft.

2

Totals

6

2

 

7

 

15


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $136,200,000
Average Asking Price: $9,080,000
Median Asking Price: $6,295,000
Average Discount from Original Ask to Last Asking Price: 3%
Average Days on Market: 183

TO VIEW January 30-February 5, 2012, 2011: 13 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/120406276362fe.htm

TO VIEW January 30-February 5, 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/1204068cd4c2d2.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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