OLSHAN LUXURY MARKET REPORT

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February 27-March 4, 2012

Report on Contracts Signed
NYC Residential Properties
$4 Million and Above

16 Contracts Signed

The first week in March showed a solid performance with 16 contracts signed, including 4 sales at asking prices over $10 million. Three out of the 4 properties that were asking above $10 million had been on the market for at least 2 years. Condos outsold co-ops 10-3, and there were 3 townhouse sales.

The No. 1 contract is the most expensive townhouse sold this year: 41 East 70th Street, asking $30 million. The 28’ wide house, which has 11,110 square feet and an elevator, was reduced from $35 million when it went on the market in March 2009. The house needs a complete renovation.

The No. 2 sale was Penthouse A at 100 Eleventh Avenue, asking $22 million, for a 4 bedroom duplex with 3.5 bathrooms, 4,675 square feet of interior space, and a terrace upstairs with 4,400 square feet. This duplex condo has 14’ ceilings, breathtaking Hudson River views, 2 fireplaces, and an enclosed loggia terrace off the living room. 100 Eleventh was designed by Pritzker Prize winning architect Jean Nouvel. The building, which is located next door to a women’s prison and close to Chelsea Piers, has a storied past. Starting in 2008 the developers found themselves looking at huge cost over runs, problems with their lender, and litigation from buyers looking to get their deposits back on complaints about construction.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
February 27-March 4, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

2

0

0

1


3

Condos

1

4

1

4

$2,539/sq.ft.
Avg.Size: 2,878sq.ft.

10

Condops *

0

0

0

0


0

Townhouses

2

1

0

0

$2,322/sq.ft.
Avg.Size: 6,477sq.ft.

3

Totals

5

5

1

5

16

Total Weekly Asking Price Sales Volume: $143,370,000
Average Asking Price: $8,960,625
Median Asking Price: $5,850,000
Average Discount from Original Ask to Last Asking Price:7%
Average Days on Market:525
*Condop is a co-op with condo rules.

TO VIEW 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/120503d6124f59.htm

TO VIEW 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/1205030b7ad5dd.htm

Donna Olshan
President
dso@olshan.com

Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com

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