OLSHAN LUXURY MARKET REPORT

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February 14-20, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
February 14-20, 2011: Total Sales: 22 Contracts Signed

Solid results were turned in last week: 22 contracts signed at $4 million and above, making it the second biggest week in 2011 and tied for the biggest week in 2010. It is also interesting to note that half of the sales in the last two weeks have been from $4 to $5 million, a range which is now looking like the "sweet spot" in the luxury market.

Last week, contracts signed totaled $172,540,000 in asking prices, and the average price was $7.8 million, almost $1.2 million higher than the prior week.

The top two contracts were touched by financial scandal. No.1 was 25 Columbus Circle, Apartment 62CE, asking $24,950,000. Its owners, Alfred and Patsy Kahn, bought the infamous Madoff penthouse at 64th and Lexington for $8 million. The Kahn's apartment at the Time Warner Center is 4,375 sq.ft. with 70' of frontage on Central Park. They purchased the unit in 2005 for $9.5 million and originally listed it a year ago for $33.6 million. Mr. Kahn is the former CEO and Chairman of 4Kids, a global provider of children's entertainment and merchandising.

The No.2 contract was a $14.2 million brownstone at 18 West 9th Street, owned by actress Uma Thurman. Ms. Thurman's house was listed last May around the same time that her former investment adviser, Ken Starr, a money manager for many celebrities, was jailed for fraud and a Ponzi scheme. The West 9th Street house is 25' wide; it does not have an elevator.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
February 14-20, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

3

1

1

 

8

Condos

2

4

2

4

$2,489/sq.ft.
2,997' avg. size

12

Condops *

 

 

 

1

$2,009/sq.ft.
2,042' avg. size

1

Townhouses

 

 

 

1

$2,198/sq.ft.
6,460' avg. size

2

Totals

5

7

3

7

 

22

Total Asking Price Sales Volume: $172,540,000 Average Price: $7,842,727
Average Discount from Original Ask to Last Asking Price: 11%
Average Days on Market: 353 (but 10 of 22 sales sold within 120 days)
*Condop is a co-op with condo rules.

WEEKLY CONTRACTS SIGNED APARTMENTS 1-15:
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:
http://media.realplusonline.com/webreports/11042210d19cde.htm

WEEKLY 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:
http://media.realplusonline.com/webreports/11042297c5e1e3.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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