LUXURY MARKET REPORT 2019


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
April 29-May 5, 2019

25 Contracts Signed

Twenty-five contracts were signed last week at $4 million and above. Condos outsold co-ops, 14 to 8, and 3 townhouses were in the mix. Of the 22 apartments, 5 were penthouses—but none was in the top 2 sales like last week.

Stat geek alert: On average, the 25 properties were reduced by 12% from their original asking price --and spent an average of 510 days on the market.

The No.1 contract was a sponsor unit on the 56th floor of 45 East 22nd Street, asking $15.995 million, reduced from $20.75 million when it was first listed off of floorplans in March 2015. This 4,665-square-foot condo has 4 bedrooms, 4.5 bathrooms, and sweeping, 360-degree views from the East River to the Hudson River. The apartment is in a new 65-story glass condo with 83 units next to Madison Square Park. Amenities include a fitness center, basketball court, children’s playroom, and an outdoor terrace.

The No. 2 contract was a brownstone at 215 East 61st Street, asking $11.95 million, reduced from $13.99 million when it was listed last July. The 18-foot-wide house was purchased for $5.9 million in March 2015 and then gut renovated. It has 5,900 square feet including 5 bedrooms, 6.5 bathrooms, a large kitchen that opens to a garden, an 11-zone central air conditioning system, and an elevator.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 5 3 0 0 Avg.Ask:
$6,126,250
8
Condos 1 6 0 7 Avg.Ask:
$6,625,714

Avg.$/sq.ft.:
$2,504/sq.ft.

Avg.Size:
2,609 sq.ft.
14
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 2 1 0 0 Avg.Ask:
$8,466,667

Avg.$/sq.ft.:
$1,702/sq.ft..

Avg.Size:
4,973 sq.ft.
3
TOTALS 8 10 0 7 25
Total Weekly Asking Price Sales Volume: $167,170,000
Average Asking Price: $6,686,800
Median Asking Price: $5,950,000
Average Discount from Original Ask to Last Asking Price: 12%
Average Days on Market: 510
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 22 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 3 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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