OLSHAN LUXURY MARKET REPORT

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October 24-30, 2011

NYC Residential Real Estate Luxury Tracking Scoreboard
Apartments and Townhouses under Contract $4 million and above
October 24-30, 2011: 15 Contracts Signed

For the second week in a row, there was a healthy number of contracts signed. Fifteen properties went under contract and more than half were downtown. So far this year, condos have out sold co-ops 2-1. October ended with the strongest townhouse volume of the year, with 16 houses sold. The first half of the month saw soft sales for apartments but the second half was strong, perhaps mirroring the rising stock market.

The No. 1 sale of the week was Apartment 21C at 145 Central Park West, asking $13,500,000. This is a south tower unit in The San Remo, a co-op known for its celebrity residents, including Steven Spielberg, Steve Martin, and Dustin Hoffman, among others. The apartment occupies the entire 21st floor. It has 3 bedrooms and 3 baths, with the living room, library, and bedroom facing Central Park. The San Remo is one of 4 co-op buildings on Central Park West with full-floor tower apartments. In 2003, Bono bought a tower duplex in The San Remo from Steve Jobs for approximately $14.5 million.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
October 24-30, 2011

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

2

 

 

 

5

Condos

 

 

2

5

Avg. Price: $2,574/sq.ft.
Avg. Size : 2,749 sq.ft.

7

Condops *

 

 

 

1

Avg. Price: $3,028/sq.ft.
Avg. Size: 2,873 sq.ft.

1

Townhouses

 

 

 

2

Avg. Price: $1,328/sq.ft.
Avg. Size: 5,250 sq.ft.

2

Totals

3

2

2

8

 

15


*condop is a co-op with condo rules

Total Weekly Asking Price Sales Volume: $107,325,000
Average Asking Price: $7,155,000
Median Asking Price: $5,600,000
Average Discount from Original Ask to Last Asking Price: 7%
Average Days on Market: 429

TO VIEW October 24-30, 2011: 13 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/1112303f76c5a6.htm

To VIEW October 24-30, 1011: 2 CONTRACTS 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/111230c47b994e.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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