OLSHAN LUXURY MARKET REPORT

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April 16-22, 2012

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

20 Contracts Signed

Oh, what a week it was! 20 contracts were signed, totaling $198 million in sales—the highest dollar volume in over a year. And even though the lower end of the luxury market performed best with as many as 12 contracts signed on properties between $4 million and $5.5 million, the big news was a record breaking co-op contract at a fabled address.

The No.1 contract for the week, according to the Wall Street Journal, is the highest priced co-op ever sold in Manhattan: 740 Park Avenue, 12C and 13C, was signed for $52 million (originally asking $60 million). These are two separate apartments that can be combined to create a 30-room unit with a potential of 8 bedrooms, 10 bathrooms, and 6 terraces. 740 Park is perhaps the most prestigious co-op building in Manhattan, known for its wealthy residents and chronicled in a book by Michael Gross. The apartments are being sold by the Courtney Sale Ross, the widow of the late Time Warner chairman Steve Ross. The annual maintenance on the combined units is $412,000.

The No. 2 contract was a penthouse sold off of floor plans at 320 West 12th Street, asking $21 million. It is a 3 bedroom unit with 5,602 square feet and a 1,400 square foot terrace. The building is a new 10-unit condominium called The Abingdon.The developer also reported a contract out on the second penthouse, which is asking $19.5 million for 5,287 square feet. The converted building is a 1906 structure, once a nursing home that was sold in January 2011 for $33 million. That’s right: the whole building sold for only $33 million. The 8 remaining units are scheduled to come on the market in May with prices starting at $8 million for 3,000 square feet. The condo has a doorman, gym, and private storage units for owners. The two penthouses came on the market at the end of March as a feature story on the building appeared in the Wall Street Journal,helping to propel the marketing.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
April 16-22, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

6

2

0

1


9

Condos

1

2

0

2

Avg.$3,474/sq.ft.
Avg.Size 3,011'

5

Condops *

0

0

0

0


0

Townhouses

0

1

0

5

Avg.$1,546/sq.ft.
Avg.Size 4,557'

6

Totals

7

5

0

8

20

Total Weekly Asking Price Sales Volume: $197,875,000
Average Asking Price: $9,893,750
Median Asking Price: $5,325,000
Average Discount from Original Ask to Last Asking Price:3%
Average Days on Market:206
*Condop is a co-op with condo rules.

TO VIEW 14 CONTRACTS SIGNED ON APARTMENTS:
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TO VIEW 6 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/12062226db9249.htm

Donna Olshan
President
dso@olshan.com

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

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