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July 25-31, 2011
NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
July 25-31, 2011: 12 Contracts Signed
There were 12 contracts signed—for a total of 41 contracts in July. That is comparable to the volume in 2008. Last week, condos outsold co-ops 10-1, and there was 1 townhouse sale. The only thing remarkable about July is it had 2 spectacular closings of apartments with terraces: a $30,550,000 condo at The Time Warner Center on the 76th floor with 4 bedrooms, 4,822 square feet , and a $26,750,000 penthouse duplex at 1020 Fifth, a co-op with 14 rooms, 5 bedrooms, and 5.5 bathrooms. It was reduced from $46.5 million when it started on the market in September 2008.
The No. 1 contract of the week was the 29th floor at 515 Park Avenue, asking $15 million. It has 3 bedrooms, a library, 3.5 baths, and 3,257 square feet. Most of the rooms have sweeping views of Central Park. It sold in 35 days and the asking price represents $4,605/square foot.
One townhouse sold in the Village, at 62 Bank Street, a 3-story, 2700 square foot house asking $6.5 million, reduced from $9 million when it came on the market on May 31. Only 4 townhouses went to contract in all of July, and each was below $7 million. Three out of 4 houses were in Greenwich Village . At first glance, the prices might seem low but the average house was small: 2,577 square feet, with high asking prices, averaging $2,448/square foot. Why so expensive? The explanation is simple: these are highly prized gems in prime Village locations.
NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
July 25-31, 2011
| | East | West | Midtown | Downtown | Asking $/sq.ft. | Totals |
Co-ops | 1 | | | | | 1 |
Condos | 1 | 5 | 1 | 3 | Avg. Price: $2,839/sq.ft.
Avg. Size : 3,085 .ft.
| 10 |
Condops * | | | | |
| 0 |
Townhouses | | | | 1 | Avg. Price: $2,407/sq.ft.
Avg. Size: 2,700
| 1 |
Totals | 2 | 5 | 1 | 4 |
| 12 |
*condop is a co-op with condo rules
Total Weekly Asking Price Sales Volume: $98,833,000
Average Asking Price: $8,236,083
Median Asking Price: $7,737,500
Average Discount from Original Ask to Last Asking Price: 4%
Average Days on Market: 191
TO VIEW July 25-31, 2011: 11 CONTRACTS SIGNED ON APARTMENTS:
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TO VIEW July 25-31: 1 CONTRACT SIGNED ON A TOWNHOUSE:
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TO VIEW JULY CLOSED SALES AT TIME WARNER CENTER/80 COLUMBUS AND 1020 FIFTH:
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http://media.realplusonline.com/webreports/110929701ccbc1.htm
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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