LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
June 4-10, 2018

24 Contracts Signed

Twenty-four contracts were signed last week at $4 million and above, as the Manhattan luxury real estate market chugs along at a steady, 20-plus pace. The average discount off the original asking price was 11% before a contract was signed, and the average days on the market was 390.

Stat geek alert: For the first time in more than a year, not a single co-op or condo was sold on the Upper West Side, though one townhouse did go into contract.

The No. 1 contract was the 7th floor at 640 Park Avenue, asking $21 million, reduced from $25 million when it went on the market in February 2017. This full-floor, 14-room co-op has 6 bedrooms and 6.5 bathrooms. It features a living room and dining room that have a 65-foot expanse overlooking Park Avenue. The unit also has 3 fireplaces and a large kitchen.

The No. 2 contract was unit N16B at 565 Broome Street, asking $15.5 million. This duplex condo has 3,576 square feet including 4 bedrooms and 3.5 bathrooms. The downstairs entertaining space features a 2,200-square foot outdoor terrace with its own saltwater pool and outdoor shower, plus a kitchen. This new building was designed by Pritzker-prize-winning architect Renzo Piano, who also designed the new Whitney Museum. Condo amenities include a concierge, gym, a 55-foot indoor lap pool, a steam room, sauna, spa, and yoga studio. There is also a children’s playroom and parking.



EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 4 0 1 1 Avg.Ask:
$8,405,833
6
Condos 4 0 2 9 Avg.Ask:
$6,841,667
Avg.$/sq.ft.:
$2,734/sq.ft
Avg.Size:
2,503 sq.ft.
15
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses Avg.Ask:
$7,748,333
Avg.$/sq.ft.:
$1,769/sq.ft.
Avg.Size:
4,380 sq.ft.
3
TOTALS 9 1 3 11 24


*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 21 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 3 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
June 4-10, 2018
Total Weekly Asking Price Sales Volume: 176,305,000

Average Asking Price: 7,346,042

Median Asking Price: 5,842,500

Average Discount from Original Ask to Last Asking Price: 11%

Average Days on Market: 390









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