OLSHAN LUXURY MARKET REPORT

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February 20-26, 2012

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

15 Contracts Signed

February ended last week with a fine performance but not an Oscar winner. In total, there were 67 contracts signed for the month compared to 90 in February 2011. Some of the decrease has to do with the lack of new construction inventory. For example, last February there were 12 contracts signed on the new Laureate condo at 2150 Broadway. The other trend is condos outselling co-ops. Since the beginning of the year, condos have outsold co-ops 56-20.

The No. 1 contract signed last week was apartment 16AB at 1185 Park Avenue, asking $12,750,000. The 12-room co-op is in excellent condition and has 7 bedrooms, 8.5 bathrooms, 2 fireplaces, a 28’ entrance gallery, and a large eat-in kitchen. It started on the market in November 2010 for $15 million. By comparison, the No. 2 contract of the week was apartment 14B/15B at 151 East 85th Street, The Lucida condo, asking $11 million for 7 bedrooms, 6.5 baths, and 5,210 square feet. It started on the market in March 2010 for $10.5 million.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
February 20-26, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

0

0

0


2

Condos

5

0

0

5

$2,225/sq.ft.
Avg. Size: 2,737 '

10

Condops *

0

0

0

0


0

Townhouses

1

1

0

1

$1,245/sq.ft.
Avg. Size: 5,603'

3

Totals

8

1

0

6

15

Total Weekly Asking Price Sales Volume: $101,780,000
Average Asking Price: $6,785,333
Median Asking Price: $5,985,000
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:500
*Condop is a co-op with condo rules.

TO VIEW 12 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/120427bb984d4c.htm

TO VIEW 3 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/120427dd018273.htm

Donna Olshan
President
dso@olshan.com

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

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