OLSHAN LUXURY MARKET REPORT

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April 30-May 6, 2012

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

29 Contracts Signed

Another record bites the dust! 29 luxury apartments went to contract, breaking last week’s year-to-date record of 22. The total dollar volume was $237 million, the biggest week in over a year, and coincided with an extraordinary few days in the art market, punctuated by the sale of Edvard Munch’s “Scream” for a world-record $119.9 million.

The No.1 contract, as first reported in the Wall Street Journal, was Apartment 8W at 907 Fifth Avenue, asking $19 million. In the same building, Apartment 8E went to contract, asking $12 million. Both units are part of 3 apartments being sold by the estate of Huguette Clark, the reclusive copper heiress who died a year ago at the age of 104. Another Clark apartment, this one on the 12th floor, went to contract last month for $24 million. The three apartments, which sold for a total of $55 million, have not been updated in decades and need massive renovations.

The No. 2 sale was the Penthouse Duplex at 57 Irving Place, asking $18 million. This 4,820 square foot unit, perched on top of a 9- unit glass box condominium, has 5 bedrooms, 5.5 bathrooms, and a 500 square foot terrace.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
April 30-May 6, 2012

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

7

3

0

0


10

Condos

1

5

0

11

Avg.Asking: $2,292/sq.ft.
Avg.Size:3,500sqft.

17

Condops *

0

0

0

0


0

Townhouses

0

1

0

1

Avg.Asking: $1,483/sq.ft.
Avg.Size:5,210sqft.

2

Totals

8

9

0

12

29

Total Weekly Asking Price Sales Volume: $236,973,000
Average Asking Price: $8,171,483
Median Asking Price: $7,150,000
Average Discount from Original Ask to Last Asking Price:2%
Average Days on Market:199
*Condop is a co-op with condo rules.

TO VIEW 27 CONTRACTS SIGNED ON APARTMENTS:
Please click here and here to view the listings. If that doesn't work, please copy and paste the following addresses into your browser. Alternatively, you can Press Control and Click on the links below:
http://media.realplusonline.com/webreports/120706dec31f22.htm
http://media.realplusonline.com/webreports/120706f8fd06cc.htm

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/1207050cb8eb69.htm

Donna Olshan
President
dso@olshan.com

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

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