LUXURY MARKET REPORT 2019


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
June 10-16, 2019

22 Contracts Signed

Twenty-two contracts were signed last week at $4 million and above, the 8th straight week of 20+ sales. Condos outsold co-ops, 16-2, and there were 4 townhouses in the mix. Properties on average were reduced by 15% before a buyer was found, and spent an average of 491 days on the market.

Last week’s figures are a snapshot of a luxury market that continues to be over-priced--and that attracts a smaller pool of buyers. The impact of declining interest rates is yet to be seen in the Manhattan luxury market.

The No.1 contract was 42C at 1 Central Park West, asking $18.995 million, reduced from $30 million when it was first listed in September 2017. This condo unit in Trump International has 4,415 square feet including 4 bedrooms, and 4.5 bathrooms. A living room and master bedroom face Central Park, and the other rooms including an eat-in kitchen face the Hudson River. The owner paid $16.25 million in April 2013.

The No. 2 contract was PHA at 30 Riverside Boulevard. asking $18 million, The 4,694-square-foot unit includes 4 bedrooms and 5.5 bathrooms. A living room, dining room, and family room span 54 feet overlooking the Hudson River. Off the living room is a 7 x 17’ terrace. PHA is the most expensive unit to go to contract in 2 Waterline Square, one of three new buildings that comprise the Waterline Square complex, which is being developed on a 5-acre parcel on Riverside between 59th and 61st Street. The condo has 160 units on 38 floors, and was designed by Kohn Pederson Fox. Owners have access to a robust amenity package-- including a large fitness center—at a club for residents. Other amenities include an indoor tennis court, 25-meter lap pool with adjacent children’s pool and spa pool, full court basketball, squash court, indoor soccer field, rock climbing wall, golf simulator, children’s room, game room, music and recording studio, art studio, screening room, dog playroom, and storage.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 0 0 0 Avg.Ask:
$9,200,000
2
Condos 4 6 1 5 Avg.Ask:
$8,924,500

Avg.$/sq.ft.:
$2,789/sq.ft.

Avg.Size:
3,200 sq.ft.
16
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 1 1 1 Avg.Ask:
$8,486,250

Avg.$/sq.ft.:
$1,666/sq.ft..

Avg.Size:
5,094/sq.ft.
4
TOTALS 7 7 2 6 22
Total Weekly Asking Price Sales Volume: $195,137,000
Average Asking Price: $8,869,864
Median Asking Price: $7,550,000
Average Discount from Original Ask to Last Asking Price: 15%
Average Days on Market: 491
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 18 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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