LUXURY MARKET REPORT 2019


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
May 27-June 2, 2019

23 Contracts Signed

Twenty-three contracts were signed last week at $4 million and above, the 6th straight week of 20+ sales. Only 1 co-op was sold, the first time that’s happened since the last week in January. Going into the summer, consider this: Will interest rates continue to decline—and what will be the impact on the luxury market?

The No.1 contract was PH39 at 50 United Nations Plaza, asking $26.25 million, sold by the sponsor who started sales in the Fall of 2013. This 5,893- square-foot condo has 5 bedrooms, 2 staff rooms, and 6.5 bathrooms. A living room, dining room, and library span 73 feet and overlook the East River. The building, designed by Foster+ Partners, has a concierge, fitness center, 75-foot swimming pool, a garage, children’s playroom, and storage.

The No. 2 contract was a townhouse at 9 East 84th Street, asking $21.975 million. The house was reported under contract in the middle of December, but the deal fell through and it was re-listed at the end of January. This 25-foot-wide limestone house has 12,500 square feet including 7 bedrooms and 9 bathrooms. It suffered extensive damage in March 2017, when a fire ripped through the neighboring townhouse at 7 East 84th Street. The house was repaired, and is being delivered as a white box with new mechanical systems and an elevator. The owner paid $15.35 million in April 2007.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 0 0 0 Avg.Ask:
$5,295,000
1
Condos 5 3 1 9 Avg.Ask:
$8,490,111

Avg.$/sq.ft.:
$2,803/sq.ft.

Avg.Size:
3,029 sq.ft.
18
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 2 1 0 1 Avg.Ask:
$13,342,500

Avg.$/sq.ft.:
$1,737/sq.ft..

Avg.Size:
7,682 sq.ft.
4
TOTALS 8 4 1 10 23
Total Weekly Asking Price Sales Volume: $211,487,000
Average Asking Price: $9,195,087
Median Asking Price: $7,495,000
Average Discount from Original Ask to Last Asking Price: 5%
Average Days on Market: 379
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 19 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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