OLSHAN LUXURY MARKET REPORT

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March 5-11, 2012

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

18 Contracts Signed

Eighteen contracts were signed last week, the sixth week in a row that the market has returned at least 15 or more contracts signed at $4 million and above. The luxury landscape looks very solid, though there is the potential for upward pressure on prices because inventory seems to be thinning. The main reason: a paucity of new construction since the financial crisis of 2008. Moreover, according to www.urbandigs.com, inventory through the entire market (including the luxury sector) is down 7% from a year ago.

The No. 1 contract last week was apartment 21C at 145 Central Park West, asking $13,500,000, with a monthly maintenance of $7,826. This 3 bedroom, 3 bathroom unit occupies the entire 21st floor of the south tower of the San Remo, a co-op building famous for celebrity owners and large units. The apartment went on the market in August 2011, and had a contract signed at the end of October. But then, after a co-op board approval, the buyers decided that the apartment was too small and dropped their deposit. The apartment went back on the market in January and sold last week. The unit, originally purchased in 1994 for $2.1 million, has spectacular east views of Central Park, and north, south, and west views over the city.

The No. 2 contract was a townhouse at 223 West 11th Street, asking $11,595,000. This 20.5-foot-wide house has approximately 4,260 square feet, and started on the market in September. It has 11 rooms, 5 bedrooms, 3.5 bathrooms, and a landscaped garden. It was renovated after being purchased in November 2008 for $4.25 million, returning a tidy profit for its owner.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
March 5-11, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

3

0

1


7

Condos

1

2

0

5

$2,276/sq.ft.
Avg.Size 2,754'

8

Condops *

0

0

0

0


0

Townhouses

1

0

0

2

$2,555/sq.ft
Avg.Size 4,297'

3

Totals

5

5

0

8

18

Total Weekly Asking Price Sales Volume: $126,034,000
Average Asking Price: $7,001,889
Median Asking Price: $5,874,500
Average Discount from Original Ask to Last Asking Price:7%
Average Days on Market:268
*Condop is a co-op with condo rules.

TO VIEW 15 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/1205112e305dc0.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/1205102ff968e1.htm

Donna Olshan
President
dso@olshan.com

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

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