LUXURY MARKET REPORT 2019


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
November 11-17, 2019

21 Contracts Signed

Twenty-one contracts were signed last week at $4 million and above, the second week in a row of 20 or more signed contracts after a months -long slump in the luxury market. A hat trick of factors likely contributed to the recent relief rally: a robust stock market, low interest rates, and steadily decreasing prices that are enticing buyers to bid.

The No.1 contract was a sponsor unit on the 57th floor at 45 East 22nd Street, asking $14.5 million, reduced from $17.95 million when it was first listed off of floorplans in October 2014. The 4,658-square-foot condo has 4 bedrooms, 4.5 bathrooms, and sweeping, 360-degree views from the East River to the Hudson River. Common charges and real estate taxes total $19,154. The apartment is in a new 65-story glass condo with 83 units next to Madison Square Park. Amenities include a fitness center, basketball court, children’s playroom, and an outdoor terrace.

The No. 2 contract was 3E at 960 Park Avenue, asking $12.75 million; it was listed in September. This 12-room co-op has 6 bedrooms and 5.5 bathrooms. The living room with a fireplace and four of the six bedrooms span 87 feet overlooking Park Avenue. The unit has an eat-in kitchen. The monthly maintenance is $6,800, and the co-op allows 40% mortgage financing.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 4 1 0 2 Avg.Ask:
$6,895,714
7
Condos 0 4 2 6 Avg.Ask:
$7,101,250

Avg.$/sq.ft.:
$2,853/sq.ft.

Avg.Size:
2,489 sq.ft.
12
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 2 0 0 Avg.Ask:
$12,050,000

Avg.$/sq.ft.:
$1,176/sq.ft..

Avg.Size:
10,250 sq.ft.
2
TOTALS 4 7 2 8 21
Total Weekly Asking Price Sales Volume: $157,585,000
Average Asking Price: $7,504,048
Median Asking Price: $5,975,000
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 656
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 19 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

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Donna Olshan and Olshan Realty
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