LUXURY MARKET REPORT 2019


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
June 24-30, 2019

25 Contracts Signed

Twenty-five contracts were signed last week at $4 million and above, the 10th straight week of 20+ sales. Condos outsold co-ops, 16 to 6, and 3 townhouses were in the mix. Properties on average were reduced by 10% before they went to contract. The average days on the market was 534.

Stat Geek Alert: Seven of these properties, all condos sold by developers, went to contract and closed in the same week, thus avoiding the increases in the new New York State Mansion Tax that went into effect today (July 1).

The No. 1 contract was a townhouse at 36-38 East 74th Street, asking $28.75 million. It was also the site of this year’s Kips Bay Decorator’s Show House. The 6-story, 40-foot-wide home has 14,000 square feet, 12 bedrooms, 8 bathrooms, a powder room, 10 fireplaces, a 40’ x 38’ garden, and an elevator.

The No. 2 contract was a duplex condo at 515 Park Avenue, asking $26.8 million. It has 6,500 square feet including 5 bedrooms, 5.5 bathrooms, a 40-foot living room, a 30-foot formal dining room, and views of Central Park. The owner purchased the unit for $23.98 million in January 2010.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 2 0 1 Avg.Ask:
$6,537,000
6
Condos 3 3 1 9 Avg.Ask:
$9,447,500

Avg.$/sq.ft.:
$2,970/sq.ft.

Avg.Size:
3,393 sq.ft
16
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 0 0 2 Avg.Ask:
$15,465,000

Avg.$/sq.ft.:
$1,965/sq.ft..

Avg.Size:
7,870 sq.ft.
3
TOTALS 7 5 1 12 25
Total Weekly Asking Price Sales Volume: $236,993,000
Average Asking Price: $9,479,720
Median Asking Price: $6,495,000
Average Discount from Original Ask to Last Asking Price: 10%
Average Days on Market: 534
*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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