OLSHAN LUXURY MARKET REPORT

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December 6- 12, 2010

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4million and above December 6- 12, 2010: Total Sales: 13

This is a week we look to see if anyone is out Christmas shopping. The answer is YES. Thirteen apartments went into contract in the $4 million and up category. Just to give perspective, an average week in the luxury market in November was 12 apartments under contract, the market's strongest month since the Spring of 2010. This week, condos way outsold co-ops 10-3. There were no townhouse sales. Downtown was the big winner with 8 sales versus 3 on the East Side.

The WOW OF THE WEEK was in NYC's Number #1 Luxury Condo: 15 Central Park West. Apartment 9G, a three bedroom with a peek of Central Park, 3.5 baths and a 1,776 sq.ft. terrace went into contract and was asking $16.5 million. Somebody presumably made a big profit: Apartment 9G closed in October 2009 for $8 million. At that time it was sold by writer John Ridley in a very weak environment. It's going to be interesting to see what this closes for.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above December 6-12, 2010

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

 

 

 

 

3

Condos

 

1

1

8

$2,602/sq.ft. Average size unit is 2,892'

10

Condops *

 

 

 

 

 

0

Townhouses

 

 

 

 

 

0

Totals

3

1

1

8

 

13

Totals: 13 Sales
*Condop is a co-op with condo rules.

To see the Apartment Listings Under Contract:
http://media.realplusonline.com/webreports/11021094bccdc9.htm

Luxury Property Specialist:

Donna Olshan
President
dso@olshan.com

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

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