OLSHAN LUXURY MARKET REPORT

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April 2-8, 2012

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

12 Contracts Signed

In the wake of Passover and Easter Sunday, 12 contracts were signed and 3 were at asking prices over $20 million. A total of 5 contracts were signed at asking prices above $12 million. The big numbers were scored by Fifth Avenue estate sales: the estates of financier Ted Forstmann and the reclusive heiress Huguette Clarke.

The No. 1 contract was a duplex penthouse at 2 East 70th Street, asking $36 million. The co-op, owned by Forstman''s estate, sold within days in a bidding war for $40 million. It is a 4,000 square foot unit with 2 bedrooms on the bottom floor and a master suite on the top floor with a formal sitting room and a huge wraparound terrace.

The No. 2 contract was 12W at 907 Fifth Avenue, asking $24 million. The co-op is one of three separate apartments in the building, owned by the late Ms. Clark, the copper heiress who died in May 2011 at the age of 104. The apartment has 14 rooms, 11 foot ceilings, 4 bedrooms, 4 baths, and 4 fireplaces. It has a 37-foot entrance gallery, and 6 rooms face Fifth Avenue with over 100 feet of frontage on Central Park. The apartment needs to be completely renovated.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
April 2-8, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

3

2

1

0


6

Condos

2

1

2

1

Average Price: $3,480/sq.ft.
Average Size: 2,555sq.ft

6

Condops *

0

0

0

0


0

Townhouses

0

0

0

0


0

Totals

5

3

3

1

12

Total Weekly Asking Price Sales Volume: $152,985,000
Average Asking Price: $12,748,750
Median Asking Price: $7,495,000
Average Discount from Original Ask to Last Asking Price:1%
Average Days on Market:156
*Condop is a co-op with condo rules.

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TO VIEW 0 CONTRACTS SIGNED ON TOWNHOUSES:
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Donna Olshan
President
dso@olshan.com

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

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