LUXURY MARKET REPORT 2019


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
April 8-14, 2019

17 Contracts Signed

Seventeen contracts were signed last week at $4 million and above, a disappointing total for the prime selling season of the year.

Stat Geek Alert: Only 3 condos were sold by developers, and of the 6 townhouses that went to contract, five were in the East 70s and 80s between Lexington and Park Avenues—and averaged under $10 million.

The No. 1 contract was PH905 at 1 West 67th Street, asking $11.995 million, reduced from $19 million when it was listed in June 2017. This triplex co-op has 4 bedrooms, 5 bathrooms, 3 powder rooms, and a 55-foot great room with over 18-foot ceilings. The top-floor master suite is surrounded by an 827-square-foot terrace. The unit is in the Hotel des Artistes, which was designed in 1917 and gained popularity with artists and actors. Amenities include doormen, a swimming pool, two workout rooms, squash court, roof garden, and the Leopard at Des Artistes restaurant.

The No. 2 contract was a townhouse at 182 East 75th Street, asking $11.5 million, reduced by $495,000 when it went on the market in March 2018. The 4-story, 18-foot-wide house has 5,850 square feet including 5 bedrooms, 6 bathrooms, a powder room, and an elevator. It was purchased for $9.28 million in May 2015 and then renovated.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 4 1 0 0 Avg.Ask:
$7,169,000
5
Condos 0 2 1 3 Avg.Ask:
$6,167,500

Avg.$/sq.ft.:
$2,519/sq.ft.

Avg.Size:
2,448 sq.ft.
6
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 5 0 0 1 Avg.Ask:
$9,100,000

Avg.$/sq.ft.:
$1,783/sq.ft..

Avg.Size:
5,105 sq.ft.
6
TOTALS 9 3 1 4 17
Total Weekly Asking Price Sales Volume: $127,450,000
Average Asking Price: $7,497,059
Median Asking Price: $6,250,000
Average Discount from Original Ask to Last Asking Price: 12%
Average Days on Market: 306
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 11 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 6 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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