Fair Housing Notice

LUXURY MARKET REPORT 2022
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
May 16-22, 2022

23 Contracts Signed

Twenty-three contracts were signed last week at $4 million and above in Manhattan, 16 fewer than the previous week. What’s the reason for the precipitous decline from one week to another? Well, any number of reasons, but here’s an amazing stat to consider: The Dow suffered its eighth-straight week of losses, a plunge not seen since 1923!

Stat Geek Alert: Last week’s total of 23 contracts was the lowest since the first week of January 2022, when 21 contracts were signed at $4 million and above. For perspective, since we’ve been charting the luxury market, the weekly average has been 20+ contracts signed. In the golden years of new development 2013-2015, the weekly average was 26 contracts. The pandemic-plagued 2020 registered only 12 contracts/week compared to the 2021 record-setting weekly average of 36 contracts. But when you consider the prevailing headwinds of a bearish stock market, war, rising interest rates, and inflation, we’ll take the 23 contracts signed and not complain too loudly.

The No. 1 contract was 16ABC at 25 North Moore Street, asking $22 million; it was listed in the beginning of April. This full-floor condo has 7,080 square feet including 5 bedrooms, 5.5 bathrooms, and 45 windows that capture north, south, east, and west views of the Hudson River. A living room, dining room, and kitchen span 65 feet, and the unit is outfitted with 14 zones of central air conditioning. The seller purchased the floor for $15.3 million in 2015. Amenities in the building include a doorman and rooftop terrace.

The No. 2 contract was 2W at 1030 Fifth Avenue, asking $13.25 million; it was listed at the end of March. This prewar 10-room co-op has 4 bedrooms, 4.5 bathrooms, 2 fireplaces, and 10-foot ceilings. The living room, formal dining room, and library face Central Park. The unit has been renovated, and offers 4-zone central air conditioning. Amenities include a doorman, gym, and storage. Only 30% mortgage financing is allowed by the co-op.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 5 0 1 0 Avg.Ask:
$7,298,333
6
Condos 2 3 1 8 Avg.Ask:
$8,796,071
Avg.$/sq.ft.:
$2,799/sq.ft.
Avg.Size:
3,143 sq.ft.
14
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 0 0 0 3 Avg.Ask:
$9,533,333
Avg.$/sq.ft.:
$3,409/sq.ft.
Avg.Size:
2,797 sq.ft.
3
TOTALS 7 3 2 11 . 23


*Condops are mixed-use co-op buildings with condo space typically in the commercial or non-residential portion of the building.

CLICK HERE TO VIEW 20 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 3 CONTRACTS SIGNED ON TOWNHOUSES

Donna Olshan, President
cell: 917-287-0458
home: 212-751-3300 x110
dso@olshan.com

Emily Chen, Private Wealth Real Estate Services
Chief of Research
917-853-9235
ecc@olshan.com



Source: Olshan Realty




QUICK STATS

for the week of
May 16-22, 2022
Total Weekly Asking Price Sales Volume: $195,635,000

Average Asking Price: $8,505,870

Median Asking Price: $7,995,000

Average Discount from Original Ask to Last Asking Price: 1%

Average Days on Market: 412









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