OLSHAN LUXURY MARKET REPORT

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June 20-26, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
June 20-26, 2011: 17 Contracts Signed

Summer's here and school is out, and for the luxury market this usually means a seasonal slowdown. Turns out, the market moved nicely, with 17 contracts signed including two sales in the new 7-unit boutique condo at 41 Bond, which opened in the beginning of June. The two sales averaged $2,151 per square foot.

But nothing was more spectacular than the No. 1 contract-- a 25' carriage house at 162 East 92nd Street, asking $19 million. This is the most expensive house ever sold in the 90s east of Park Avenue. It is a multi-family house that originally was purchased in 2007 for $6.3 million. The new owners transformed the property into a single-family house, finishing it with a high end renovation. The house has 10,200 square feet, garage, elevator, 20' ceiling on the first floor, and a small terrace off the back. The design was spot-on. The rear wall of the house was knocked out and glass was installed, a renovation feature that has turned up in numerous high end townhouses. The sale demonstrates the value of investing in a top of the line renovation with a sophisticated post modern aesthetic. Time and time again, we have seen this type of renovations pay off for houses and apartments.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
June 20-26, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

 

 

1

 

4

Condos

3

2

 

4

Avg. Price: $2,568/sq.ft.
Avg. Size : 3,141 sq.ft.

9

Condops *

1

 

 

 

Avg. Price: $1,479/sq.ft.
Avg. Size: 2,968 sq.ft.

1

Townhouses

2

1

 

 

Avg. Price: $1,540/sq.ft.
Avg. Size: 7,305 sq.ft

3

Totals

9

3

 

5

 

17


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $132,282,500
Average Asking Price: $7,781,324
Median Asking Price: $6,050,000
Average Discount from Original Ask to Last Asking Price: 8%
Average Days on Market: 313

TO VIEW June 20-26, 2011: 14 CONTRACTS SIGNED ON APARTMENTS:
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/110826a8c8e7ee.htm

TO VIEW June 20-26, 2011: 3 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/1108253e45fe1e.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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