LUXURY MARKET REPORT 2019


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
September 16-22, 2019

11 Contracts Signed

Eleven contracts were signed last week at $4 million and above, a dismal total by any measure. It was the 12th week in a row that fewer than 20 contracts were signed, my benchmark for a healthy luxury market.

Last week also marked the end of this report’s third quarter, in which 176 contracts were signed, down from last year’s third-quarter mark of 233. One contributing factor was the surge in second-quarter signed contracts that needed to close before the increase in the NYS Mansion Tax on July 1. Other third-quarter stats: Average days on the market was 522, up from 450 in 2018. Properties on average reduced their asking prices by 11% off the original asking price before they went to contract, up from 8% in 2018. Total volume on contracts signed at $4 million and above was $1,332,253,000 compared to $1,923,263,468 in the third quarter of 2018.

The No. 1 contract was the 10th floor at 993 Fifth Avenue, asking $27.5 million; it sold in only 16 days. This 12-room co-op has 4 bedrooms, 5.5 bathrooms, and a 70-foot expanse that overlooks the Metropolitan Museum and Central Park from the living room, library, master bedroom and bathroom. The unit was designed and decorated by Thomas O’Brien of Aero Studios. It has an eat-in kitchen and fireplaces in the living room and master bedroom. The 18-unit co-op does not permit mortgage financing. It has a doorman, gym, and storage.

The No. 2 contract was a townhouse at 336 West 12th Street, asking $13.5 million, reduced from $24.5 million when it went on the market in August 2016. The property comprises 2 structures that total 7,500 square feet: a 4-story house in front and a 2-story carriage house in the rear, which is accessed by a covered pathway, one of the few remaining “horse walks” in New York City. The house was purchased for $11.6 million in 2008 and then renovated. The main house has an elevator, 4 bedrooms, and 3 powder rooms. The carriage house measures 21’ x 10’.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 0 0 0 Avg.Ask:
$16,194,000
2
Condos 0 1 0 5 Avg.Ask:
$5,515,833

Avg.$/sq.ft.:
$2,198/sq.ft.

Avg.Size:
2,510 sq.ft.
6
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 1 0 2 Avg.Ask:
$9,496,667

Avg.$/sq.ft.:
$1,518/sq.ft..

Avg.Size:
6,255 sq.ft.
3
TOTALS 2 2 0 7 11
Total Weekly Asking Price Sales Volume: $93,973,000
Average Asking Price: $8,543,000
Median Asking Price: $5,850,000
Average Discount from Original Ask to Last Asking Price: 19%
Average Days on Market: 560
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 8 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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