LUXURY MARKET REPORT 2019


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
July 29-August 4, 2019

14 Contracts Signed

Fourteen contracts were signed last week at $4 million and above, matching the previous week’s total. That number is par for the course for this time of year. For example, 16 contracts were signed in the same week in 2018 and 14 in 2017.

Stat Geek Alert: In the last 5 weeks, only 2 properties have gone to contract at asking prices above $10 million, and both were Downtown townhouses.

The No. 1 contract was a townhouse at 37-39 Perry Street, asking $19.995 million. The property is two houses—measuring 34 feet wide--that need to be combined, and is being sold with plans that have been approved by the NYC Department of Buildings and Landmark Preservation Commission. The plans propose 6,800 square feet that include an elevator, garden, and a 1-car garage. The owner paid $17.5 million for the two houses in June 2018 and listed them in April.

The No. 2 contract was a townhouse at 86 Riverside Drive, asking $8 million. It sold within a month of listing. This 5-story house is 50-feet-wide, and has 8,434 square feet including 9 bedrooms and 6 bathrooms. It was built in 1897 by the famed architect Clarence True, and features many original details including coffered ceilings, plaster moldings, and carved wood, but the house needs to be renovated. Real estate taxes are $105,773.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 2 0 0 Avg.Ask:
5,886,250
4
Condos 0 2 0 5 Avg.Ask:
$5,218,571

Avg.$/sq.ft.:
$2,023/sq.ft.

Avg.Size:
2,580 sq.ft.
7
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 1 0 2 Avg.Ask:
$11,931,667

Avg.$/sq.ft.:
$1,842/sq.ft..

Avg.Size:
6,478 sq.ft.
3
TOTALS 2 5 0 7 14
Total Weekly Asking Price Sales Volume: $95,870,000
Average Asking Price: $6,847,857
Median Asking Price: $5,792,500
Average Discount from Original Ask to Last Asking Price: 9%
Average Days on Market: 408
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 11 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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