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

11 Contracts Signed

As potential buyers got back to business on the day after Labor Day, the luxury market responded with a healthy 11 contracts signed at $4 million and above. No surprise: Condos outsold co-ops, 7-3 (there was 1 townhouse sale). Condos have outsold co-ops all but 5 weeks this year. In addition, according to Urbandigs.com, total inventory of all units in the entire market is now 23% lower than in January.

The No.1 contract signed was apartment 2 at 102 Prince Street, asking $9.5 million for a 4,500 square foot condo loft with 3 bedrooms and 3.5 baths. The unit is a duplex that has been beautifully renovated. It has a large eat-in kitchen and a combined dining room and living room with a gas fireplace. A staircase leads to an upstairs media room.

The No. 2 contract was Penthouse B at 230 West 56th Street, asking $7,895,000 for a 1,886 square foot condo with 3 bedrooms, 3 baths, and spectacular views of Central Park. It is in the 72-story Park Imperial condominium designed by Skidmore Owings & Merrill, with interiors by Adam Tihany. It was built in 2002 by The Related Company, developers of the Time Warner Center, among many other high profile projects.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
September 3-9, 2012

	East	West	Midtown	Downtown	Asking $/sq.ft.	Totals
Co-ops	2	0	0	1		3
Condos	3	0	2	2	Avg.Price:$2,360/sq.ft. Avg.Size:2,962sq.ft.	7
Condops *	0	0	0	0		0
Townhouses	0	0	0	1	Avg.Price:$1,071/sq.ft. Avg.Size:7,000sq.ft.	1
Totals	5	0	2	4		11

Total Weekly Asking Price Sales Volume: $73,429,000
Average Asking Price: $6,675,364
Median Asking Price: $6,900,000
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:130
*Condop is a co-op with condo rules.

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TO VIEW 1 CONTRACTS SIGNED ON TOWNHOUSES:
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Donna Olshan
President
dso@olshan.com

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

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