OLSHAN LUXURY MARKET REPORT

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February 13-19, 2012

Report on Contracts Signed
NYC Residential Properties
$4 Million and Above

21 Contracts Signed

It was a fantastic week in the luxury market: 21 contracts were signed, the most since the middle of June. Condos outsold co-ops 18-2, though many of the units had been on the market for over a year, including 4 units at 60 Riverside Boulevard, The Aldyn Condominium, developed by Extell. There was only 1 townhouse sale.

The No. 1 contract of the week was a duplex penthouse at 34 Greene Street, asking $13,750,000. The 4 bedroom, 5.5 bathroom condo loft has 4,998 interior square feet and a terrace with over 2,000 square feet. The apartment has been on the market since April 2009. The No. 2 contract was apartment 30A at 1 Central Park West, also known as Trump International Hotel and Tower, asking $11 million. The corner condo is a renovated 3 bedroom, 3.5 bath, 2,094 square foot unit, with spectacular views of Central Park.

Billionaire buyers accounted for 2 record-breaking closings. PH20 at 15 Central Park West, the most expensive residential property ever sold in Manhattan, finally closed for $88 million to 22-year-old Russian Ekaterina Rybolobleva, a university student here in the US. She is the daughter of fertilizer czar Dmitry Rybolovlev. This 6,744 square foot unit with a wraparound terrace was sold by Sandy Weill, the former CEO and Chairman of Citigroup, who promised to donate the proceeds to charity. The other sale was a 12th floor co-op at 834 Fifth for $42 million to billionaire Robert Bass and his wife Anne. The seller was Damon Mezzacappa, the former Vice Chairman of Lazard Freres.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
February 13-19, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

0

0

0


2

Condos

5

7

1

5

$2,325/sq.ft.
2,858 sq.ft.

18

Condops *

0

0

0

0


0

Townhouses

0

0

1

0

$1,436/sq.ft.
4,700 sq.ft.

1

Totals

7

7

2

5

21

Total Weekly Asking Price Sales Volume: $139,146,000
Average Asking Price: $6,626,000
Median Asking Price: $6,400,000
Average Discount from Original Ask to Last Asking Price:5%
Average Days on Market:408
*Condop is a co-op with condo rules.

TO VIEW 20 CONTRACTS SIGNED ON APARTMENTS:
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TO VIEW 1 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/12042025c4c9ff.htm

Donna Olshan
President
dso@olshan.com

Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com

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