Fair Housing Notice

LUXURY MARKET REPORT 2021
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
November 29-December 5, 2021

34 Contracts Signed

Thirty-four contracts were signed last week at $4 million and above, 3 fewer than the previous week---and the lowest total in 9 weeks. It’s too early to tell if last week’s worrisome stock market performance had any effect on the total. Many investors predict a turbulent stock market ahead, and we will have to wait and see if this reverberates through the luxury real estate market.

Stat Geek Alert: In the last 4 weeks, the average price drop from the original asking price to the last asking price has narrowed from 9% to 4%, while average days on the market have decreased from 575 days to 472.

The No. 1 contract was the 34th floor at 111 West 57th Street, asking $21.5 million. The condo has 4,492 square feet including 3 bedrooms, 3.5 bathrooms, and a large eat-in kitchen; a 37-foot great room and a 21-foot guest room/den face Central Park. The 46-unit, 82-story building rises 1,428 feet on the former site of the Steinway & Sons piano store. Amenities include a concierge, a fitness center, 82-foot pool, lounge, terrace, and a private dining room, plus a covered driveway entrance.

The No. 2 contract was PHC at 30 East 29th Street, asking $20 million. This Rose Hill condo duplex has 4,657 square feet including 4 bedrooms and 4.5 bathrooms. Three terraces total 919 square feet. Downstairs contains a 39-foot great room, media room, eat-in kitchen, and master bedroom. Upstairs are 3 bedrooms and a playroom. Amenities in this 123-unit, 47-story building include doorman, fitness center, a 50-foot pool, a squash court, a lounge with billiards, and private dining.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 5 0 0 3 Avg.Ask:
$6,059,375
8
Condos 5 6 3 10 Avg.Ask:
$8,530,000
Avg.$/sq.ft.:
$2,968/sq.ft.
Avg.Size:
2,874 sq.ft.
24
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 0 0 0 2 Avg.Ask:
$5,800,000
Avg.$/sq.ft.:
$1,303/sq.ft.
Avg.Size:
4,450 sq.ft.
2
TOTALS 10 6 3 15 . 34


*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 32 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 32 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 2 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
November 29-December 5, 2021
Total Weekly Asking Price Sales Volume: $264,795,000

Average Asking Price: $7,788,088

Median Asking Price: $6,747,500

Average Discount from Original Ask to Last Asking Price: 2%

Average Days on Market: 432









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