OLSHAN LUXURY MARKET REPORT

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April 9-15, 2012

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

19 Contracts Signed

Sandwiched between Passover/Easter Sunday and the income tax deadline, the luxury market responded very well with 19 contracts signed, totaling almost $145 million. One thing to note: Thus far this year, the average marketing time on luxury properties at $4 million and above has been 305 days (or 10 months). That may seem like a long time to have a property on the market, but it’s not unusual for high-end residences. In 2011, for example, the average marketing time was 249 days before a luxury property went to contract.

The No. 1 contract of the week was Penthouse 3B at 101 West 67th Street, asking $27.5 million. It has been on and off the market since September 2010, when it started at $34.5 million. The condo is on the 56th floor of the Millennium Tower. It has 5,132 square feet and spectacular views of Central Park, the Hudson River, and the entire city. The unit has 4 bedrooms, 5 full bathrooms, and 3 half bathrooms, plus a small balcony off the library/guest room.

The No. 2 contract was signed within 3 weeks of its listing: Unit 3 at 15 East 70th Street, asking $10,500,000. This is a unique 3 bedroom, 4.5 bathroom condo with 3,700 square feet in a double-wide mansion limestone townhouse with a doorman. The unit has a balcony off the living room and 3 fireplaces.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
April 9-15, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

4

1

0

1


6

Condos

3

3

1

5

Avg.Price $2,391/sq.ft.
Avg.Size 3,357sq.ft.

12

Condops *

1

0

0

0

Avg.Price $1,348/sq.ft.
Avg.Size 3,005sq.ft.

1

Townhouses

0

0

0

0


0

Totals

8

4

1

6

19

Total Weekly Asking Price Sales Volume: $144,750,000
Average Asking Price: $7,618,684
Median Asking Price: $5,925,000
Average Discount from Original Ask to Last Asking Price:4%
Average Days on Market:353
*Condop is a co-op with condo rules.

TO VIEW 19 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/120615e78d8df3.htm

TO VIEW 0 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:

Donna Olshan
President
dso@olshan.com

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

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