LUXURY MARKET REPORT 2019


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
December 2-8, 2019

19 Contracts Signed

Nineteen contracts were signed last week at $4 million and above, a typically robust total for the first week in December---and beating last year’s total of 18 signed contracts for the same week. Condos outsold co-ops, 12 to 4, and there were 3 townhouses in the mix. At first, two stats looked alarming: Negotiability (24%) and Days On The Market (696)—except those figures were skewed by the No.1 sale, and that was…..

….a townhouse at 15 East 90th Street, asking $16.5 million, reduced from $35 million when it started on the market in May 2015. Cycling thru 3 different brokerage firms over the course of 1,651 days, this 5-story, 25-foot-wide, Georgian-style house was built in 1926 by famed architect Mott Schmidt. It has 10,021 square feet including 5 bedrooms, 6 bathrooms, 3 powder rooms, 6 fireplaces, and an elevator. The house has a wide sweeping staircase, a garden, and terraces on the top floor and roof. It completed a renovation in 2015. Annual real estate taxes total $135,838.

The No. 2 contract was 11CD at 1060 Fifth Avenue, asking $15.75 million. This 12-room co-op is configured as 5 bedrooms, 6.5 bathrooms, and a library. A 30-foot living room with a fireplace, a formal dining room, and staff quarters all have views of Central Park. The unit has a 25-foot eat-in kitchen, and comes with four storage rooms and 2 silver vaults. The building has a fitness facility that includes a gym with workout equipment, half-court basketball, a resistance swimming pool, and a golf simulator.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 1 0 0 Avg.Ask:
$11,175,000
4
Condos 1 4 1 6 Avg.Ask:
$6,172,500

Avg.$/sq.ft.:
$2,426/sq.ft.

Avg.Size:
2,544 sq.ft.
12
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 2 0 0 1 Avg.Ask:
$13,650,000

Avg.$/sq.ft.:
$1,654/sq.ft.

Avg.Size:
8,252 sq.ft.
3
TOTALS 6 5 1 7 19
Total Weekly Asking Price Sales Volume: $159,720,000
Average Asking Price: $8,406,316
Median Asking Price: $5,725,000
Average Discount from Original Ask to Last Asking Price: 24%
Average Days on Market: 696
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 16 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 3 CONTRACTS SIGNED ON TOWNHOUSES


Donna Olshan
President
dso@olshan.com

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

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Donna Olshan and Olshan Realty
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