LUXURY MARKET REPORT 2019


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
August 5-11, 2019

10 Contracts Signed

Once again, the dog days of August impacted the luxury market last week, as only 10 contracts were signed at $4 million and above. The total volume: a modest $78,565,000.

Stat Geek Alert: Last week marked the first time since July 1, when New York hiked the mansion tax, that a property went to contract asking over $20 million. Since then, only 3 contracts have been signed at asking prices above $10 million—and all were townhouses.

The No. 1 contract was a townhouse at 807 Park Avenue, asking $26.5 million, reduced from $39 million. This 25-foot-wide house has 12 stories, and is approximately 24,000 square feet. In 2004, it was sold by Sean “P. Diddy” Combs to developers for $14.3 million. The house was divided into 3 apartments, each with 4 floors. It has been on and off the market for more than a decade, marketed variously as a condo and a mega-mansion. Annual real estate taxes are $268,268.

The No. 2 contract was 29A at 181 East 65th Street, asking $8.5 million. It sold within days of listing to a buyer who lives in the building. The condo has 2,940 square feet including 4 bedrooms and 4 bathrooms. It has 10-foot ceilings and views of Central Park from the living room and master bedroom. The owner purchased the unit for $7.2 million in January 2007. The building is known as the Chatham Condominium, and was designed by architect Robert A.M. Stern in 2000. Amenities include a doorman, fitness center, and garage.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 0 0 1 Avg.Ask:
$5,422,500
2
Condos 1 1 0 4 Avg.Ask:
$5,620,000

Avg.$/sq.ft.:
$2,258/sq.ft.

Avg.Size:
2,489 sq.ft.
6
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 2 0 0 0 Avg.Ask:
$17,000,000

Avg.$/sq.ft.:
$1,239/sq.ft..

Avg.Size:
13,725 sq.ft.
2
TOTALS 4 1 0 5 10
Total Weekly Asking Price Sales Volume: $78,565,000
Average Asking Price: $7,856,500
Median Asking Price: $6,000,000
Average Discount from Original Ask to Last Asking Price: 19%
Average Days on Market: 590
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 8 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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