index sales rentals agents press salesfaq company services marketreport Search Listings
Fair Housing Notice


OLSHAN LUXURY MARKET REPORT

Fill in your address below to receive this regular report via email



Subscribe | Unsubscribe


Manhattan 2010 - Over $2 Billion in Sales

Report on Closed Residential Properties at $10 Million and Up
Over $2 Billion in Sales - Manhattan 2010

This may come as a surprise to many, but in 2010, there were 129 residential properties that sold in Manhattan at $10 million and above, totaling $2,041,024,061. According to Streeteasy.com, that is a year-over-year increase of 30 properties (+ 30%) as compared to 99 sales in 2009, but down from the peak of 242 sales in 2008.

The breakdown in 2010:

  • 65 condos
  • 35 co-ops
  • 27 townhouses single family and multi-family houses.
  • 2 condops
  • = 129 properties sold at $10 million or more.

    Recently, Olshan Realty surveyed 16 top producing brokers and 3 appraisers about trophy properties. The question: If a customer walked into your office today and asked, "I want to buy a trophy property, what will it cost?" The opinions were varied on both price and definition of such a property. It really comes down to a matter of taste. A Fifth Avenue owner might never trade his apartment for a Downtown penthouse and visa versa. So here is the result of the survey: The Uptown trophy apartment (East, West, and Midtown) costs $23 million on average, the Downtown trophy apartment $17 million. The Uptown trophy townhouse costs $30 million and the Downtown trophy townhouse $15 million.

    As a benchmark, $10 million is a good place to start. Here is an analysis of how this market performed in 2010:

    65 condos sold at an average price of $15,541,923. The average size was 5,302 sq.ft. representing $2,937/sq.ft. The average discount off the original asking price was 15.6%.
    The breakdown: West Side 24, Downtown 17, Midtown 16, East Side 8.

    35 co-ops sold at an average price of $15,802,640 The average size was 12 rooms, but the price/sq.ft. isn't reported because co-ops do not record official square footage. The average discount off the original asking price was 9%.
    The breakdown: East Side 20, West Side 9, Midtown 2, Downtown 2.

    27 single family or multi-family houses sold at an average price of $16,462,787. The average size was 8,378 sq.ft. representing $1,965/sq.ft. The average discount off the original asking price was 27.5% -- primarily because these properties were overpriced. Half of the houses were listed in 2008 or earlier.
    The breakdown: East Side 18, Downtown 7, West Side 2

    2 condops sold. Condops are co-ops with condo rules. The average price was $16,605,717, and the average size 5,580 sq.ft. representing $2,976/sq.ft. The average discount off the original asking price was 31%.
    The breakdown: East Side 1, Midtown 1

    $20 million and up
    9 condos
    9 co-ops
    4 townhouses
    1 condop
    $30 million and up
    4 condos
    1 townhouse
    40 million and up
    1 condo
    1 townhouse $44 million

    The highest residential sale was a $44 million townhouse-- the Duke Semans mansion at 1009 Fifth Avenue (82nd Street), which sold to Mexican billionaire Carlos Slim. The most expensive apartments bought and sold were by Will Zeckendorf. Mr. Zeckendorf purchased the 11th floor at 927 Fifth Avenue from the estate of Bruce Wasserstein for $29,101,891. He sold unit 41B at 15 Central Park West for $40 million, which had approximately 4,000 sq.ft. and terraces. Zeckendorf was the developer of 15 Central Park West, considered the most successful condominium building in New York.

    NYC Luxury Tracking Scoreboard: Closed Sales $10 Million and Above 2010

    East

    West

    Midtown

    Downtown

    Avg. Price.

    $/sq.ft

    Avg. Size

    Totals

    Co-ops

    22

    9

    2

    2

    $15,802,640

    12 rms

    35

    Condos

    8

    24

    16

    17

    $15,541,923

    $2,937/ft

    5,302'

    65

    Condops *

    1

    1

    $16,605,717

    $2,976/ft

    5,580'

    2

    Townhouses

    18

    2

    7

    $16,462,787

    $1,965/ft

    8,378'

    27

    Totals

    49

    35

    19

    26

    129

    Totals: 129 Sales
    *Condop is a co-op with condo rules.

    $1,010,225,000 Condo Sales Volume
    $553,092,390 Co-op Sales Volume
    $33,211,434 Condop Sales Volume
    $444,495,237 Townhouse Sales Volume
    $2,041,024,061 Total Sales Volume Closed at $10 million +

    Number of Closed Sales $10 million and Above

    Year

    Closed Sales

    Median Price

    Average Price

    2005

    82

    $12,639,000

    $15,259,834

    2006

    91

    $14,250,000

    $17,250,188

    2007

    174

    $13,922,500

    $16,347,475

    2008

    242

    $13,826,417

    $17,252,618

    2009

    99

    $12,800,000

    $15,342,739

    2010

    129

    $13,730,000

    $15,862,754

    Data provided by Streeteasy.com

    Report Prepared by:

    Donna Olshan
    President
    dso@olshan.com

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

    CLICK HERE TO VIEW PAST MARKET REPORTS.



  • Olshan Realty, Inc. | Established 1980
    641 Lexington Avenue, Suite 2200, New York, NY 10022 | 212.751.3300
    | | |

    © 2024 Olshan Realty | All Rights Reserved. | Privacy Policy
    This website, its content, and the Olshan Luxury Report is copyright of Olshan Realty.

    Olshan Realty Inc. and Olshan Group LLC do not require prospective clients to show identification unless required by the seller or landlord. When representing an exclusive property for sale or rent, Olshan Realty Inc. and Olshan Group LLC require a written agreement. Documentation of pre-approval for a mortgage loan is required on all properties where a buyer intends on mortgage financing.