OLSHAN LUXURY MARKET REPORT

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September 5-September 11, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
September 5-11:, 2011: 8 Contracts Signed

As expected, sales volume picked up a bit this first week after Labor Day, with 8 contracts above $4 Million signed this week. In fact, this week had the strongest sales volume in over a month, and interestingly had the highest median price coupled with the shortest days on market in quite some time.

Six apartments and 2 townhouses sold. Underscoring the Sunday NY Times article yesterday by Vivian Toy - regarding the demand for big space and combining apartments - the number one apartment sale was 210 Lafayette Street. PH2AB was a combinable 5 bedroom, 4 bath double penthouse asking $13,000,000, with a 4,472sf interior and 4,071 of outdoor space. This makes two weeks in a row that combinable/combined apartments were the #1 sale. The top townhouse sale was a 6,000sf elevator townhouse at 422 East 85th Street, asking $10,000,000.

The interesting thing to note here is that both sales were in slightly off beat locations; the top apartment was close to Chinatown, while the top townhouse was between First and York Avenues. In fact, this is one of the top townhouse prices ever In the east 80s/1st Ave area.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
September 5-11:, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

1

2

 

 

 

3

Condos

 

 

1

2

Avg. Price: $2,900/sq.ft.
Avg. Size : 3,017 sq.ft.

3

Condops *

 

 

 

 

0

Townhouses

2

 

 

 

Avg. Price: $1,480/sq.ft
Avg. Size: 3,017 sq.ft

2

Totals

3

2

1

2

 

8


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $62,700,000
Average Asking Price: $7,837,500
Median Asking Price: $7,500,000
Average Discount from Original Ask to Last Asking Price: 1%
Average Days on Market: 119

TO VIEW September 5-11: 6 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/111111bdff5686.htm

TO VIEW September 5-11: 2 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/11111183389b06.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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