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 SIDE WEST SIDE 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
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses 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


*Condops are mixed-use co-op buildings with condo space typically in the commercial or non-residential portion of the building.

CLICK HERE TO VIEW 15 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 5 CONTRACTS SIGNED ON TOWNHOUSES

Donna Olshan, President
cell: 917-287-0458
home: 212-751-3300 x110
dso@olshan.com

Emily Chen, Private Wealth Real Estate Services
Chief of Research
917-853-9235
ecc@olshan.com


Select a Date to compare 2020 with previous years

Source: Olshan Realty




QUICK STATS

for the week of
February 10-16, 2020
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









OLSHAN REALTY, INC. | Established 1980
641 Lexington Avenue, Suite 2200, New York, NY 10022 | 212-751-3300 | Privacy Policy