LUXURY MARKET REPORT 2019


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
October 28-November 3, 2019

14 Contracts Signed

Fourteen contracts were signed last week at $4 million and above. Condos outsold co-ops, 7 to 6, and there was 1 townhouse in the mix. For the 5th time this year, not a single contract was signed for more than $10 million.

Stat Geek Alert: Year to date, 150 contracts have been signed at asking prices of $10 million and above, down from 184 in the same period last year--an 18% decline in such transactions.

The No. 1 contract was the 14th floor at 800 Park Avenue, asking $9,495,000. It sold in only 20 days. The full-floor, 12-room co-op spans over 100 feet overlooking Park Avenue. It is configured as 4 bedrooms, 2 staff rooms, 4.5 bathrooms, and an eat-in kitchen. Both the living room and library have fireplaces. Monthly maintenance is $13,394. The building has a gym and allows 40% mortgage financing.

The No. 2 contract was a townhouse at 132 West 81st Street, asking $9 million, reduced from $10.95 million when it went on the market in June. The 19-foot-wide building has 6,298 square feet including 5 bedrooms, 4 bathrooms, and 4 powder rooms. The house also has an elevator, 2 gas fireplaces, and a south-facing garden. It was purchased for $5.2 million in August 2012 and renovated. Annual real estate taxes are $32,487.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 5 0 0 1 Avg.Ask:
$6,522,500
6
Condos 3 0 1 3 Avg.Ask:
$4,690,000

Avg.$/sq.ft.:
$2,035/sq.ft.

Avg.Size:
2,304 sq.ft.
7
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 1 0 0 Avg.Ask:
$9,000,000

Avg.$/sq.ft.:
$1,491/sq.ft..

Avg.Size:
6,298 sq.ft.
1
TOTALS 8 1 1 4 14
Total Weekly Asking Price Sales Volume: $80,965,000
Average Asking Price: $5,783,214
Median Asking Price: $4,975,000
Average Discount from Original Ask to Last Asking Price: 10%
Average Days on Market: 389
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 13 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 1 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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