Fair Housing Notice

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

17 Contracts Signed

Seventeen contracts were signed last week at $4 million and above, a dip below the 20-plus benchmark totals that were registered in the previous 2 weeks. Condos outsold co-ops, 13 to 1, and 1 townhouse was sold. The average days on the market was a worrisome 506.

Stat Geek Alert: Urbandigs.com reported that in the overall Manhattan residential market, September contracts were down 14.6% over September 2017’s totals. It also reported that September contracts plummeted 19% from August, an alarming one-month decline. (Urbandigs.com pulls its data from the Real Estate Board of New York Listing Service.) At the end of last week, it also showed 7,077 listings in the Manhattan market, the highest inventory since 2011.

The No. 1 contract was the Penthouse at 1120 Park Avenue, asking $25 million. This prewar triplex co-op spans the 20th thru 22nd floors, and has 5 bedrooms, 5.5 bathrooms, 2 terraces, and Central Park views. The unit has a 29-foot living room with a fireplace that opens onto a 6’ x 38’ terrace. The middle floor has 4 bedrooms and 4 bathrooms. The top floor has a 33-foot great room with a wraparound terrace featuring Central Park views. The unit is designer-decorated.

The No. 2 contract was 5D at 70 Vestry Street, asking $11.295 million. This new condo has 2,536 square feet including 3 bedrooms and 3.5 bathrooms; it has Hudson River views from a 24’ x 25’ great room, master, and 2nd bedroom. 70 Vestry is a 14-story, 46-unit condo designed by architect Robert A.M. Stern with interiors by Daniel Romualdez. Amenities include a doorman, concierge, a fitness center, squash court, and 3 pools--an 82-foot lap pool, a separate children’s pool, and a hot-and-cold plunge pool. There is also a library, billiards room, children’s playroom, and a garage.



EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 3 0 0 0 Avg.Ask:
$12,448,333
3
Condos 1 3 0 9 Avg.Ask:
$6,986,923
Avg.$/sq.ft.:
$2,588/sq.ft.
Avg.Size:
2,700 sq.ft.
13
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses Avg.Ask:
$8,750,000
Avg.$/sq.ft.:
$1,892/sq.ft.
Avg.Size:
4,625 sq.ft.
1
TOTALS 5 3 0 9 17


*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 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



Source: Olshan Realty




QUICK STATS

for the week of
October 15-21, 2018
Total Weekly Asking Price Sales Volume: 136,925,000

Average Asking Price: 8,054,412

Median Asking Price: 7,550,000

Average Discount from Original Ask to Last Asking Price: 6%

Average Days on Market: 506









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