OLSHAN LUXURY MARKET REPORT

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Olshan Luxury Report May 14-20, 2012

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

27 Contracts Signed

Another week, another record. Oh, wait. There were actually 2 records set. There were 27 contracts signed representing $331 million in sales, the biggest total since…..I can’t remember when. And then, on Friday, The New York Times reported the sale of the most expensive apartment ever sold in Manhattan: the penthouse at 157 West 57th Street for over $90 million, in a condo building currently under construction. The penthouse has 10,923 square feet and spectacular views of Central Park. The building has 95 units and is being constructed on top of a Park Hyatt, where it will share many amenities with the hotel. The developer, Gary Barnett of Extell Development, told The Times that the unit went for more than $90 million, surpassing the $88 million penthouse sale in February at 15 Central Park West. Mr. Barnett would not divulge the buyer except to say that the person was “someone that people would recognize.”

The New York Post reported the No.2 sale: a 10,882- square-foot condo on the 30th and 31st floors of the Ritz Carlton at 50 Central Park South, asking $77.5 million. The tabloid reported that the unit was purchased by casino billionaire Steve Wynn for $70 million. The unit has 14 rooms, 4 bedrooms, 4.5 bathrooms, and terraces off the 900-square-foot living room, dining room, and kitchen.

Putting it all in perspective, New York’s hyper luxury apartments are not the most expensive in the world—the No. 1 sale was a $312 million penthouse in Monte Carlo that sold in 2010. It has 6 bedrooms and 17,500 square feet. The second most expensive unit was a 3-story penthouse with 25,000 square feet at London’s One Hyde Park condominium that sold for $221 million, also in 2010. Both units were sold by London real estate developers Candy & Candy. BTW, Christian Candy bought a penthouse unit at The Plaza this year for $25.4 million.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
Olshan Luxury Report May 14-20, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

4

3

0

2


9

Condos

1

3

3

7

Avg.Price:$4,774/sq.ft.
Avg.Size: 3,750 sq.ft.

14

Condops *

0

0

0

0


0

Townhouses

3

0

0

1

Avg.Price:$1,616/sq.ft.
Avg.Size:4,603 sq.ft.

4

Totals

8

6

3

10

27

Total Weekly Asking Price Sales Volume: $331,455,990
Average Asking Price: $12,276,148
Median Asking Price: $6,300,000
Average Discount from Original Ask to Last Asking Price:10%
Average Days on Market:127
*Condop is a co-op with condo rules.

TO VIEW 23 CONTRACTS SIGNED ON APARTMENTS:
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TO VIEW 4 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:
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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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