Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
January 15-21, 2018

18 Contracts Signed

Eighteen contracts were signed last week at $4 million and above, the same total as last year in the days following the Martin Luther King Monday holiday. There is, however, one big difference: Properties sold last week spent an average of 787 days on the market and were reduced by 20% off the original asking price before going to contract. The numbers were skewed by a couple of sales by developers, who spent years marketing their units at fantasy prices.

Nothing exemplifies this aberration better than a condo that tied for the No. 1 spot.

That would be PH at 12 East 13th Street, asking $12.95 million, reduced from $30.5 million—yep, you read that right--when the sponsor listed the unit in December 2013. The Penthouse triplex has 5,704 square feet including 4 bedrooms, 4.5 bathrooms, an internal elevator, and 2 terraces totaling 906 square feet. It comes with 2 parking spaces. The unit also has a dramatic 3-story wall of glass.

The condo tying the No. 1 slot was 8N at 213 West 23rd Street, asking $12.95 million, reduced from $14.5 million when it was listed in October 2016. This 7,000-square foot duplex has 4 bedrooms and 3.5 bathrooms, 2 fireplaces, and an office. It was purchased for $8.35 million in 2007 and then renovated by architect Annabelle Selldorf and designer Jeffrey Beers. The building has a video intercom system but no doorman.

The No 2 contract was 47A at 151 East 58th Street, asking $11.8 million, reduced from $14.5 million when it went on the market in May. This Beacon Court condo has 3,058 square feet including 3 bedrooms, 3.5 bathrooms, and spectacular views of Central Park and beyond.



EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 1 1 0 1 Avg.Ask:
$8,048,333
3
Condos 1 1 3 8 Avg.Ask:
$8,888,077
Avg.$/sq.ft.:
$2,331/sq.ft.
Avg.Size:
3,812 sq.ft.
13
Condop* 0 0 0 1 Avg.Ask:
$4,521,000
0
Townhouses Avg.Ask:
$5,250,000
Avg.$/sq.ft.:
$1,065/sq.ft.
Avg.Size:
4,930 sq.ft.
1
TOTALS 2 3 3 10 18


*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 17 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 1 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

© 2024 Olshan Realty | All Rights Reserved.
This website, its content, and the Olshan Luxury Report is copyright of Olshan Realty.



Source: Olshan Realty




QUICK STATS

for the week of
January 15-21, 2018
Total Weekly Asking Price Sales Volume: 149,461,000

Average Asking Price: 8,303,389

Median Asking Price: 7,997,500

Average Discount from Original Ask to Last Asking Price: 20%

Average Days on Market: 787









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This website, its content, and the Olshan Luxury Report is copyright of Olshan Realty.