LUXURY MARKET REPORT 2019


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
November 18-24, 2019

30 Contracts Signed

Thirty contracts were signed last week at $4 million and above, an unexpected pre-holiday gift---the first time since the third week in June 2018 that total deals hit 30. It also marked the third straight week that total contracts signed registered 20 or more sales. The usual factors seemingly contributed to this relief rally: stubbornly low interest rates, a robust stock market, continuing consumer confidence in the economy--- and perhaps most importantly, a meaningful reduction in prices (a year-to-date average drop of 10% off asking prices) across the Manhattan luxury market.

The No.1 contract was M5 at 150 West 12th Street, asking $16.995 million, reduced from $21.5 million when it was listed in May 2018. This 5,71- square-foot triplex has 5 bedrooms and 5.5 bathrooms. The ground-floor entertaining space has a 592-square-foot garden and a 103-square-foot loggia off the upstairs bedroom wing. The unit comes with storage and an SUV parking spot. The owner purchased the unit from the sponsor in April 2016 for $14,342,736. The building 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 sponsor unit on the 58th floor at 45 East 22nd Street, asking $14.75 million. The week before, the 57th floor was the No. 1 contract signed, asking $14.5 million. The 58th floor has 4,660 square feet including 4 bedrooms, 4.5 bathrooms, and sweeping 360-degree views from the East River to the Hudson River. 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.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 4 3 0 1 Avg.Ask:
$5,716,125
8
Condos 0 2 1 18 Avg.Ask:
$6,475,000

Avg.$/sq.ft.:
$2,206/sq.ft.

Avg.Size:
2,936 sq.ft.
21
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 1 0 Avg.Ask:
$8,850,000

Avg.$/sq.ft.:
$1,264/sq.ft..

Avg.Size:
7,000 sq.ft.
1
TOTALS 4 5 2 19 30
Total Weekly Asking Price Sales Volume: $190,569,000
Average Asking Price: $6,352,300
Median Asking Price: $5,175,000
Average Discount from Original Ask to Last Asking Price: 11%
Average Days on Market: 502
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 29 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 29 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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