LUXURY MARKET REPORT 2019


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
March 25-31, 2019

21 Contracts Signed

The last week in March ends with 21 contracts signed in Manhattan at $4 million and above. Condos outsold co-ops, 15-2, and 4 townhouses were in the mix.

Stat Geek Alert: The average asking price of a signed contract in the first quarter was $8,802,436, the highest average asking price of any quarter since 2005, when we started keeping track. In addition, the 516 average days on the market is the longest we have seen in any quarter. Fewer contracts signed (19% below 2018) and longer days on the market mostly likely correlate to changes in the tax law combined with pervasive overpricing.

The No.1 contract was 11 West 12th Street, asking $21.9 million, reduced from $28.5 million when it went on the market in May. The 25-foot-wide, red-brick house has 9,652 square feet including 5 bedrooms, a library, 6 bathrooms, 2 powder rooms, a 33-foot garden, 2 terraces, an elevator, and a garage. The house was purchased for $7.25 million in 2012 and gut renovated.

The No. 2 contract was PHB at 11 Beach Street, asking $19.950 million reduced from $22.5 million when the developer listed the condo in February 2015. It has 5,985 square feet including a 44-foot great room with 13-foot ceilings, 4 bedrooms, 5 bathrooms, 2 powder rooms, media room, eat-in kitchen, and a private 1,788-square-foot roof terrace. Amenities include a doorman, fitness room, and children’s playroom.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 1 0 0 Avg.Ask:
$5,000,000
2
Condos 3 2 1 9 Avg.Ask:
$8,567,333

Avg.$/sq.ft.:
$2,693/sq.ft.

Avg.Size:
3,181 sq.ft.
15
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 0 0 3 Avg.Ask:
$10,247,500

Avg.$/sq.ft.:
$1,271/sq.ft..

Avg.Size:
8,061 sq.ft.
4
TOTALS 5 3 1 12 21
Total Weekly Asking Price Sales Volume: $195,900,000
Average Asking Price: $9,328,571
Median Asking Price: $6,900,000
Average Discount from Original Ask to Last Asking Price: 12%
Average Days on Market: 564
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 17 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 4 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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