LUXURY MARKET REPORT 2019


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
May 20-26, 2019

23 Contracts Signed

Twenty-three contracts were signed last week at $4 million and above, the 5th week in a row of 20+ sales. But perhaps the most stunning news is this: For the 2nd week in a row, the No.1 contract signed was asking $58 million. The other $58 million sale was the penthouse at 212 Fifth Avenue. Both are the most expensive deals of the year.

This time the No. 1 contract was PH61 at 111 West 57th Street, a duplex with 7,175 square feet encompassing 3 bedrooms and 4.5 bathrooms, and has knockout views of Central Park and the entire city. Downstairs is a 52-foot living room with park views, a 21-foot eat-in kitchen, and 2 bedrooms. Upstairs is a master suite facing south over the city. The 46-unit condo is under construction, and rises 82 stories, or 1,428 feet high, on the former site of the Steinway & Sons piano store. Amenities include a concierge, 82-foot pool, fitness center, lounge, terrace, and private dining room. There is also a covered-driveway entrance.

The No. 2 contract was a limestone townhouse at 60 East 83rd Street, asking $17.25 million, which was listed in March. The 7-story, 20-foot-wide house has 8,575 square feet including 6 bedrooms, 6 bathrooms, 3 powder rooms, 3 fireplaces, an elevator, a basketball court with a 23-foot ceiling, a gym, plus a rooftop sunroom and terrace. A 22-foot kitchen opens onto a garden. The house was purchased in 2005 for $7,530,000 and renovated. Annual real estate taxes are $123,795.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 6 0 0 2 Avg.Ask:
$5,368,750
8
Condos 3 3 1 5 Avg.Ask:
$12,125,417

Avg.$/sq.ft.:
$3,570/sq.ft.

Avg.Size:
3,397 sq.ft.
12
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 2 0 0 1 Avg.Ask:
$10,715,000

Avg.$/sq.ft.:
$1,811/sq.ft..

Avg.Size:
5,916 sq.ft.
3
TOTALS 11 3 1 8 23
Total Weekly Asking Price Sales Volume: $220,600,000
Average Asking Price: $9,591,304
Median Asking Price: $5,900,000
Average Discount from Original Ask to Last Asking Price: 4%
Average Days on Market: 399
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 20 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

© 2019
Donna Olshan and Olshan Realty
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