LUXURY MARKET REPORT 2019


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
May 13-19, 2019

27 Contracts Signed

Twenty-seven contracts were signed last week at $4 million and above. It was the fourth straight week of 20+ sales--and one-third of all contracts were asking above $10 million.

Stat Geek Alert: The No.1 deal was the highest priced contract of the year, which contributed to the largest weekly dollar volume in over a year----$291,215,000.

The No.1 contract was the Penthouse at 212 Fifth Avenue, asking $58 million, reduced from $73.8 million when it was listed in October 2015. You read that right—21% below its original asking price—a phenomenon that has become almost routine in the current market. The triplex has 10,079 square feet including 5 bedrooms, 5 bathrooms, 3 powder rooms, and terraces that total 5,730 square feet. The bottom floor has a 38’ x 38’ great room, a dining room, library, master suite and 4 bedrooms. The middle floor features the main terrace that measures 4,780 square feet, and a 5th bedroom. The top floor has another terrace and another living room. Common charges and taxes total $37,001 per month.

The No. 2 contract was a townhouse at 134 East 74th Street, asking $29.5 million, which sold in 2 months. It was once listed in 2011 for $26 million and pulled from the market. The owner paid $12 million in April 2008 , and for years the house has been under construction and is being delivered partially finished. It is 38 feet wide and has 9,800 square feet including 7 bedrooms and 10.5 bathrooms.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 2 1 3 Avg.Ask:
$7,476,111
9
Condos 4 3 1 8 Avg.Ask:
$10,905.000

Avg.$/sq.ft.:
$3,434/sq.ft.

Avg.Size:
3,175 sq.ft.
16
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 1 0 0 Avg.Ask:
$24,725,000

Avg.$/sq.ft.:
$2,526/sq.ft..

Avg.Size:
9,788 sq.ft.
2
TOTALS 8 6 2 11 27
Total Weekly Asking Price Sales Volume: $291,215,000
Average Asking Price: $10,785,741
Median Asking Price: $6,650,000
Average Discount from Original Ask to Last Asking Price: 13%
Average Days on Market: 422
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 25 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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