LUXURY MARKET REPORT 2019


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
August 19-25, 2019

14 Contracts Signed

Fourteen contracts were signed last week in Manhattan at $4 million and above, a typically lackluster, end-of-summer performance, a time when the majority of luxury buyers are out of town.

Stat Geek Alert I: For the first time since the week of July 1, an apartment went to contact at an asking price above $10 million. Last week, there were three—a co-op and 2 condos. During July and August, only townhouses went to contract at $10 million and above.

Stat Geek Alert II: For the 5th straight week, the No. 1 spot was a townhouse.

This time the top slot went to 22 West 74th Street, asking $17.995 million, reduced from $22.775 million when it was listed in April. The 6-story, Neo-Georgian limestone-and-brick house was once a school that was purchased for $9.1 million in 2006 and then underwent a multi-year gut renovation. The house has 10,505 square feet including 6 bedrooms, 7 bathrooms, 4 powder rooms, 5 wood-burning fireplaces, an eat-in kitchen, and an elevator. A small garden in the back and a terrace on the 4th floor comprise the outdoor space. Annual real estate taxes are $178,978.

The No. 2 contract was a townhouse at 25 East 11th Street, asking $14.995 million, reduced from $19.25 million when it went on the market last September. This 5-story, Greek Revival house is 27-feet-wide and has 7,698 square feet that were divided into 6 apartments. It is in need of a renovation. Annual real estate taxes are $102,120.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 0 0 0 Avg.Ask:
$8,987,500
2
Condos 3 1 1 5 Avg.Ask:
$7,598,500

Avg.$/sq.ft.:
$2,888/sq.ft.

Avg.Size:
2,631 sq.ft.
10
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 1 0 1 Avg.Ask:
$16,495,000

Avg.$/sq.ft.:
$1,812/sq.ft..

Avg.Size:
9,102 sq.ft.
2
TOTALS 5 2 1 6 14
Total Weekly Asking Price Sales Volume: $126,950,000
Average Asking Price: $9,067,857
Median Asking Price: $7,885,000
Average Discount from Original Ask to Last Asking Price: 11%
Average Days on Market: 565
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 12 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 2 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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