OLSHAN LUXURY MARKET REPORT

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August 29-September 4, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
August 29-September 4, 2011: 6 Contracts Signed

Traditionally, the week before Labor Day week and the last week in December are the two slowest weeks of the year for the luxury market. A typical first week in September averages 4 contracts at $4 million and above. This week there were 6.

The No. 1 Sale was 3 apartments put together at 45 West 67th Street: Apartment 15A/B/C, asking $8,495,000. The unit has been on and off the market for years, starting in 2007 at $14 million. The apartment has 3,000 square feet consisting of 5 bedrooms, 3. 5 baths, and a gas fireplace. The defining feature is its landscaped terrace, with 1,120 square feet that includes an outdoor shower, kitchen, electric grill, and bar, all under an arbor. It is the most expensive unit to sell in this building by a long shot. Most of the units are more modest in size, and the condo does not have a gym, although there is a big splashy Equinox across the street.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
August 29-September 4, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

 

 

 

 

 

0

Condos

 

2

2

1

Avg. Price: $2,490 sq.ft.
Avg. Size : 2,611 sq.ft.

5

Condops *

 

 

 

 

0

Townhouses

 

 

 

1

Avg. Price: $715sq.ft.
Avg. Size: 5,940 sq.ft.

1

Totals

 

2

2

2

 

6


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $37,165,000
Average Asking Price: $6,126,667
Median Asking Price: $6,210,000
Average Discount from Original Ask to Last Asking Price: 1%
Average Days on Market: 136

TO VIEW August 29-September 4, 2011: 5 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/111102b2133baa.htm

TO VIEW August 29-September 4: 1 CONTRACTS SIGNED ON A TOWNHOUSE:
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/111102836dbbcb.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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