OLSHAN LUXURY MARKET REPORT
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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
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