LUXURY MARKET REPORT 2020


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
February 10-16, 2020

20 Contracts Signed

Twenty contracts were signed last week at $4 million and above, the third straight week of 20 or more sales. The average price-drop from the original asking price was 18%, a total that was skewed by the top 2 sales.

Stat Geek Alert: The average days on market was 803, a total that was elevated because half of the properties were sold by developers and had been on the market for years. That was the highest total this report has ever recorded since we began tracking this particular stat in 2012.

The No.1 contract was the Penthouse at 252 East 57th Street, asking $23.75 million, reduced from $37.5 million when it was listed off of floorplans in the Fall of 2014. Now finished, the condo occupies the entire 65th floor, and has 8,139 square feet including 6 bedrooms and 7 bathrooms. It also has 12-9’ ceilings and spectacular views of Central Park, the East River, and Downtown. There are 2 balconies, one off the 35-foot master suite, the other off the 69.5-foot living room. The building was designed by Skidmore, Owings & Merrill, and amenities include a concierge, garage, fitness center, a children’s playroom, a 75-foot swimming pool, a library, billiards and screening rooms, a catering kitchen, dining room, bicycle and storage rooms, and furnished guest suites. A play space and grooming station for dogs are also available.

The No. 2 contract was a townhouse at 3 East 69th Street, asking $15.5 million, reduced from $25 million when it was listed in August 2018. The 5-story house has 9,950 square feet, and has been divided into 11 units. Annual real estate taxes are $201,344.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 0 0 1 Avg.Ask:
$4,997,500
2
Condos 0 2 1 10 Avg.Ask:
$7,771,385

Avg.$/sq.ft.:
$2,559/sq.ft.

Avg.Size:
3,037 sq.ft.
13
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 2 0 0 3 Avg.Ask:
$9,470,000

Avg.$/sq.ft.:
$1,891/sq.ft..

Avg.Size:
5,009 sq.ft.
5
TOTALS 3 2 1 14 20
Total Weekly Asking Price Sales Volume: $158,373,000
Average Asking Price: $7,918,650
Median Asking Price: $5,874,000
Average Discount from Original Ask to Last Asking Price: 18%
Average Days on Market: 803
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 15 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 5 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
All Rights Reserved




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