LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
October 1-7, 2018

22 Contracts Signed

Twenty-two contracts were signed last week at $4 million and above, the first time since the week of August 20 that the total cracked the 20 benchmark.

Stat geek alert: Six townhouses went to contract last week, the largest total of the year.

The No. 1 contract was a townhouse at 34 East 70th Street, asking $22.5 million, reduced from $32.5 million when it went on the market over a year ago. This 37-foot-wide house has 12,439 square feet and was the former home of James Warburg, heir to the banking fortune. It was later divided into apartments. The house needs to be gutted. Annual real estate taxes are $159,383.

The No. 2 contract was Apartment 4A at 33 East 74th Street, asking $15.9 million, reduced from $16.5 million when it went on the market in March of 2017. This 3-bedroom, 3.5-bathroom condo has 3,851 square feet with a corner living room, formal dining room, and eat-in kitchen, all of which face Madison Avenue. It is in a new boutique condo building that was created out of a row of landmark brownstones next to the former Whitney Museum. The owner of 4A paid $15,782 875 in February 2016. Annual real estate taxes are $149,837.



EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 2 1 0 1 Avg.Ask:
$5,648,500
4
Condos 2 4 1 5 Avg.Ask:
$7,487,083
Avg.$/sq.ft.:
$2,681/sq.ft.
Avg.Size:
2,792 sq.ft.
12
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses Avg.Ask:
$9,306,500
Avg.$/sq.ft.:
$1,818/sq.ft.
Avg.Size:
5,119 sq.ft.
6
TOTALS 7 5 1 9 22


*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 16 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 6 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
October 1-7, 2018
Total Weekly Asking Price Sales Volume: 168,279,000

Average Asking Price: 7,649,045

Median Asking Price: 5,860,000

Average Discount from Original Ask to Last Asking Price: 14%

Average Days on Market: 349









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