Fair Housing Notice

LUXURY MARKET REPORT 2021
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
April 5-11, 2021

51 Contracts Signed

Fifty-one contracts were signed last week at $4 million and above. And get this: The week’s total is roughly equivalent to all the deals inked at $4 million and above in the 13-week shutdown last year.

Stat Geek Alert I: 51 contracts extends a record-breaking luxury market streak of 30 or more deals to 10 weeks in a row, a streak not seen since we started recording the Olshan Report in 2006.

Stat Geek Alert II: What’s more, the week’s total volume of $454,829,989, is the largest since the end of December 2013. Downtown led the way with 41 out of the 51 signed contracts.

Stat Geek Alert III: 14 properties went to contract at $10 million and above, the largest total of trophy properties to be inked since the week of September 29-October 5, 2014.

The No. 1 contract was PH51/52 at 151 East 58th Street, asking $29.5 million, reduced from $115 million when it was listed in April 2013. The price drop distorted the weekly average discount percentage. The duplex penthouse at Beacon Court Condominium cycled through at least 4 brokerage firms over 8 years. The apartment is owned by hedge fund titan and Mets’ owner Steven A. Cohen, who has been building a home in Greenwich Village.

The unit has 9,000 square feet including 5 bedrooms and 6.5 bathrooms with extraordinary views of Central Park, the East River, and the Hudson River. Although it is a penthouse, it does not have a terrace. It does feature a 24-foot-high ceiling in the living room, a 2000-square-foot master suite, and an enormous eat-in kitchen. The unit was designed by the late great architect Charles Gwathmey.

The No. 2 contract was Duplex PH at 1228 Madison Avenue, asking $21.6 million. It has 6,566 square feet including 6 bedrooms and 6.5 bathrooms, plus a 184-square-foot terrace off the gallery. It has views of Central Park and the reservoir. 1228 Madison Avenue is a new co-op building with 15 units on 18 floors that is under construction and designed by architect Robert A.M. Stern; interiors are by Kelly Behun. It is a co-op with condo rules and has a 150-year land lease.

In Case You Missed This Note During the Passover-Easter Break: ---My husband, Peter Bonventre, who edits this report, has written a marvelous New York-centric novel called Where Have You Gone Without Me? which published on March 30. It’s got some great reviews so don’t miss it.

https://www.amazon.com/Where-Have-You-Gone-Without/dp/1684426200



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 6 3 1 0 Avg.Ask:
$9,878,000
10
Condos 6 3 3 21 Avg.Ask:
$8,427,575
Avg.$/sq.ft.:
$2,588/sq.ft.
Avg.Size:
3,257 sq.ft.
33
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 3 3 0 2 Avg.Ask:
$9,742,500
Avg.$/sq.ft.:
$1,296/sq.ft.
Avg.Size:
7,518 sq.ft.
8
TOTALS 15 9 4 23 . 51


*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 43 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 43 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 8 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
April 5-11, 2021
Total Weekly Asking Price Sales Volume: $454,829,989

Average Asking Price: $8,918,235

Median Asking Price: $7,988,000

Average Discount from Original Ask to Last Asking Price: 22%

Average Days on Market: 494









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