OLSHAN LUXURY MARKET REPORT

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December 27, 2010 - January 2, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
December 27, 2010 - January 2, 2011: Total Sales: 5

So how did the Christmas Season of 2010 compare to 2009? In the 5-week period from the end of November til the New Year, in the luxury end of the market there were 55 contracts signed in 2010 on apartments asking $4 million and above as opposed to 36 in 2009, representing a 53% increase in volume in this sector.

The difference between the last week in December of 2009 and this year is that some of the sales in the final days of 2010 were in the eight-figure range. Finally, the Brooke Astor apartment, the 15th and 16th floor duplex at 778 Park Avenue with 14 rooms, 6 terraces and 5 fireplaces, had a contract signed. It was asking $24.9 million, marked down from $46 million when it was listed in 2008.

The other interesting sales were of 20-foot wide townhouses on 74th Street, both East and West Sides. Both were mint condition, multi-family buildings with elevators. The West Side sale was a brownstone at 41 West 74th Street; it was divided into a two-family house, asking $14.245 million. The East Side was a limestone building at 44 East 74th Street that was divided into 6 apartments, and asking $17 million.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
December 27, 2010-January 2, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

 

 

 

 

1

Condos

 

 

 

2

Asking = $2,608/sq.ft.
Average size =2,108 sq.ft.

2

Condops *

 

 

 

 

 

0

Townhouses

1

1

 

 

Asking = $1,769/ft
Average size = 8,838 sq.ft.

2

Totals

2

1

 

2

 

5

Totals: 5 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/110304417047a0.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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