OLSHAN LUXURY MARKET REPORT

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March 12-18, 2012

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

17 Contracts Signed

There were 17 sales last week, the 7th straight week that the total price of contracts signed at $4 million and above has exceeded $100 million. Since the beginning of the year, the luxury sector has recorded 143 contracts signed, totaling over $1.1 billion. Other trends: condos outselling co-ops 2.5 to 1 and Downtown remains the most popular luxury area with 20% more contracts signed than the Upper East Side.

The No. 1 contract of the week is the most expensive apartment to sell on a side street on the Upper East Side in 2012: apartment 8/9 at 39 East 79th Street, asking $24 million. This co-op almost immediately went into contract after listing. The unit is two floors put together, spanning over 9000 square feet, with 4 bedrooms, 4.5 bathrooms, an enormous kitchen, and a huge entertaining space that includes a billiards room and an exercise room.

The No.2 contract was apartment 5B at 400 West 12th Street, asking $12 million. This is a 2 bedroom, 2.5 bathroom unit with 2,370 square feet in the Superior Ink, the most expensive condo building downtown. The unit, with Hudson River views and a 1,500 square foot landscaped terrace, had been on the market since October 2010. The Superior Ink Condo was designed by Robert A.M. Stern, the same architect who designed 15 Central Park West, the most expensive building in New York.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
March 12-18, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

0

1

0


4

Condos

2

1

0

8

$2,185/sq.ft.
Avg.Size: 2,805'

11

Condops *

0

0

0

0


0

Townhouses

0

1

0

1

$853/sq.ft.
Avg.Size: 5,480'

2

Totals

5

2

1

9

17

Total Weekly Asking Price Sales Volume: $122,975,000
Average Asking Price: $7,233,824
Median Asking Price: $5,700,000
Average Discount from Original Ask to Last Asking Price:6%
Average Days on Market:399
*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:
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TO VIEW 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/120517f12c93e3.htm

Donna Olshan
President
dso@olshan.com

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

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