LUXURY MARKET REPORT 2019


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
June 17-23, 2019

29 Contracts Signed

Twenty-nine contracts were signed last week at $4 million and above, the highest total of the year. More good news: Last week also marked the 2nd highest dollar volume of the year---$290,535,000.

Which prompts the question: Was last week’s robust totals a function of falling interest rates, the big June bounce in the stock market, or perhaps a combination of the two?

Stat Geek Alert: So far, the 2nd quarter of 2019 is heading for a 13 % decline in the number of contracts signed over 2018. This despite the fact that buyers had the chance to close before the increase in the New York State Mansion Recording Tax, which comes into effect on July 1. Which brings us to…..

The No. 1 contract was PH94A at 432 Park, asking $41 million. This unit had an executed contract and then closed on the same day. The one thing I can tell you about the sale was that the unit closed for less than $40 million—and the savings on the New York State Mansion Tax was over $1 million! PH94A is a corner unit with 3,952 square feet including 3 bedrooms, a library, and 3.5 bathrooms. It features a 29’ x 29’ living room, an eat-in kitchen, and a 30-foot master suite. The unit has spectacular Central Park, Hudson and East River views. (Also selling last week in the same building was 36A, owned by Jennifer Lopez and Alex Rodriguez. It was asking $17.5 million.)

432 Park is 96 stories high, a concrete-and-glass edifice designed by Rafael Vinoly that can be seen from almost anywhere in the 5 boroughs. Amenities include a fitness center, a 75-foot swimming pool, private dining room, parking, a garden, and a children’s playroom.

The No. 2 contract was the Terrace Duplex at 1010 Park Avenue, asking $28.5 million. This 7,888-square-foot unit has 6 bedrooms and 7.5 bathrooms, plus a 32’ x 42’ terrace. It is in a new 11-unit condo building that started marketing in June 2017. It was the 2nd contract signed in the building. The first sale happened at the end of May. Amenities include a doorman, 50-foot salt water pool, a fitness center, children’s playroom, and a screening room.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 1 0 1 Avg.Ask:
$6,819,000
5
Condos 6 3 3 10 Avg.Ask:
$10,783,636

Avg.$/sq.ft.:
$3,272/sq.ft.

Avg.Size:
3,295 sq.ft.
22
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 0 2 Avg.Ask:
$9,600,000

Avg.$/sq.ft.:
$3,153/sq.ft..

Avg.Size:
3,045 sq.ft.
2
TOTALS 9 4 3 13 29
Total Weekly Asking Price Sales Volume: $290,535,000
Average Asking Price: $10,018,448
Median Asking Price: $6,950,000
Average Discount from Original Ask to Last Asking Price: 7%
Average Days on Market: 526
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 27 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 27 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 2 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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