OLSHAN LUXURY MARKET REPORT

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December 20-26, 2010

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
December 20-26 2010: Total Sales: 12

This was a good week: 12 sales in Christmas week when most people in the luxury market are out of town. Condos outsold co-ops 6-3. Downtown had the most sales (5), including this whopper: Penthouse 2 at 200 Eleventh Avenue asking $17.5 million. This is a duplex with 3,523 sq.ft. in a uniquely designed building where apartments have en-suite garages accessed off garage elevators. Supposedly, Nicole Kidman and Keith Urban are in contract for the neighboring penthouse, which was asking $12.5 million. The building by architect Annebelle Selldorf is at the forefront of cutting edge design recently found in the Chelsea waterfront art district area.

After two weeks, with only 1 townhouse in Manhattan selling, last week saw a flurry of activity with 3 sales?all at the lower end of the townhouse market. All were below $5 million, with an average asking price of $978/sq.ft. - inexpensive by Manhattan standards.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above December 20-26, 2010

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

1

 

1

 

3

Condos

1

2

1

2

Asking = $3,226/sq.ft.
Average size = 2,724 sq.ft.

6

Condops *

 

 

 

 

 

 

Townhouses

1

 

 

2

Asking = $978/sq.ft.
Average size = 4,560 sq.ft.

3

Totals

3

3

1

5

 

12

Totals: 12 Sales
*Condop is a co-op with condo rules.

WEEKLY REAL ESTATE SALES: APARTMENTS
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WEEKLY REAL ESTATE SALES: TOWNHOUSES
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http://media.realplusonline.com/webreports/110224c9f1f21d.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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