LUXURY MARKET REPORT 2019


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
November 4-10, 2019

20 Contracts Signed

Twenty contracts were signed last week at $4 million and above, the first time since July 1—when NYS raised the mansion and transfer taxes---that the luxury market recorded a weekly total of 20 signed contracts. On average, prices were reduced by 15% off the original asking price before a contract was negotiated. The data underscores the current state of the luxury market: Buyers are extremely price sensitive. What’s more, year-to-date, the average days on the market for properties at $4 million and above is 487 days, up from 444 days over the same period last year.

The No.1 contract was North 12B at 160 Leroy Street, asking $18.25 million, reduced from $20 million when it was first listed off of floorplans in January 2016. The building now finished, North 12B is the last sponsor unit to sell. The condo has 4,557 square feet with 4 bedrooms, 4.5 bathrooms, a library, and a 196-square-foot terrace off the master suite. The living room is 50-feet long, and has views of the Hudson River. Designed as a spectacular undulating glass structure by the Pritzker Prize-winning architects Herzog & de Meuron, this 57-unit building has amenities that include a landscaped motor court, a doorman, a concierge, parking, fitness center, pool, and children’s playroom.

The No. 2 contract was M5 at 150 Charles Street, asking $12.995 million, reduced from $17 million when it went on the market in February 2018. This triplex maisonette condo has 4,903 square feet including 4 bedrooms, 4 bathrooms, and 2 powder rooms. The ground floor features a 35-foot living room that opens onto a 32-foot terrace/garden. The main bedrooms are upstairs, while the basement was converted into a playroom. The owner purchased the unit off of floorplans in March of 2013 and closed in October 2015 for $12,215,284. Amenities include concierge, garage, fitness center, a 75-foot pool, a children’s playroom, and 33,000 square feet of landscaped garden space.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 0 0 0 Avg.Ask:
$5,458,333
3
Condos 0 2 0 13 Avg.Ask:
$6,775,000

Avg.$/sq.ft.:
$2,590/sq.ft.

Avg.Size:
2,615 sq.ft.
15
Condops * 1 0 0 0 Avg.Ask:
$4,295,000

Avg.$/sq.ft.:
$2,261/sq.ft.

Avg.Size:
1,900 sq.ft.
1
Townhouses 1 0 0 0 Avg.Ask:
$11,995,000

Avg.$/sq.ft.:
$1,666/sq.ft..

Avg.Size:
7,200 sq.ft.
1
TOTALS 5 2 0 13 20
Total Weekly Asking Price Sales Volume: $134,290,000
Average Asking Price: $6,714,000
Median Asking Price: $5,322,500
Average Discount from Original Ask to Last Asking Price: 15%
Average Days on Market: 465
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 19 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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