Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
January 28-February 3, 2019

15 Contracts Signed

Fifteen contracts were signed last week at $4 million and above, which is the lowest total as we swing into February since 2010, when 15 contracts were also signed. Things could always be worse: In the same week in 2009, with the country in the grip of the Great Recession, only 1 contract was signed.

The No.1 contract was a townhouse at 3 East 89th Street, asking $27 million, reduced from $29.5 million when it went on the market in March 2017. This 40-foot-wide, 6-story limestone building has 13,956 square feet, and is being sold by the National Academy Museum. The house has 7 bedrooms and 7 bathrooms with many original details, like a sweeping marble staircase with wrought-iron railings and French doors. It is in need of a complete renovation that could span years and cost millions.

The No. 2 contract was a townhouse at 49 East 68th Street, asking $23 million, Listed last April, this red brick and limestone 6-story house is 25-feet wide and has 10,250 square feet. It was purchased for $20.4 million in November 2017. The interior was then gutted, and is now being delivered as a raw box with a set of approved plans by the NYC Department of Buildings. At one time, it was the home of Mitch Leigh, the Tony Award-winning composer of Man of La Mancha.



EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 2 1 0 0 Avg.Ask:
$5,741,667
3
Condos 0 0 2 8 Avg.Ask:
$6,464,500
Avg.$/sq.ft.:
$2,308/sq.ft.
Avg.Size:
2,801 sq.ft.
10
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses Avg.Ask:
$25,000,000
Avg.$/sq.ft.:
$2,065/sq.ft.
Avg.Size:
12,103 sq.ft.
2
TOTALS 4 1 2 8 15


*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 13 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 2 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
January 28-February 3, 2019
Total Weekly Asking Price Sales Volume: 131,870,000

Average Asking Price: 8,791,333

Median Asking Price: 5,900,000

Average Discount from Original Ask to Last Asking Price: 10%

Average Days on Market: 574









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