LUXURY MARKET REPORT 2019


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
September 23-29, 2019

18 Contracts Signed

Eighteen contracts were signed last week at $4 million and above. Condos outsold co-ops, 9 to 6, with 3 townhouses in the mix. Prices were reduced on average by 16% off the original asking price before a contract was signed. Properties spent an average of 564 days on the market.

Stat Geek Alert: Last week marked the best performance by co-ops since the week of June 24, when 6 co-ops were also sold.

The No.1 contract was 8A at 155 West 11th Street, asking $19.8 million--it sold in only 60 days. The 3-bedroom, 3.5-bathroom unit has 3,965 square feet and outdoor space totaling 1,264 square feet. It is owned by Tamara Mellon, fashion designer and co-founder of Jimmy Choo luxury shoes, who purchased the unit for $18,355,982 from the sponsor in September 2016. The condo is known as The Greenwich Lane, a 5-building complex comprised of 193 apartments and 5 townhouses. Amenities include a concierge, doorman, parking, fitness center, a 25-meter swimming pool, golf simulator, garden, residents’ lounge, and children’s playroom.

The No. 2 contract was a 6-story brick townhouse at 49 East 67th Street, asking $13.475 million, reduced from $24 million when it went on the market in October 2015. This 20-foot-wide house has 8,926 square feet including 6 bedrooms, 5 bathrooms, and 2 powder rooms, The house also has a 50-foot swimming pool in the basement and an elevator. It was owned by pop star Billy Joel from 1981 to 1991.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 4 1 0 1 Avg.Ask:
$6,022,500
6
Condos 3 1 3 2 Avg.Ask:
$7,284,444

Avg.$/sq.ft.:
$2,681/sq.ft.

Avg.Size:
2,717 sq.ft.
9
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 2 1 0 0 Avg.Ask:
$8,975,000

Avg.$/sq.ft.:
$1,680/sq.ft..

Avg.Size:
5,343 sq.ft.
3
TOTALS 9 3 3 3 18
Total Weekly Asking Price Sales Volume: $128,322,000
Average Asking Price: $7,145,556
Median Asking Price: $5,872,500
Average Discount from Original Ask to Last Asking Price: 16%
Average Days on Market: 564
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 15 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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