LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
February 11-17, 2019

26 Contracts Signed

Twenty-six contracts were signed last week at $4 million and above, the first time the luxury market reached the 20+ sales benchmark since the end of December. Why this spike in signed contracts? One theory: a perfect storm of a year-to-date stock market surge, stubbornly low interest rates, and sellers continuing to cut prices.

Are we experiencing a one-week wonder or the start of a Spring-season rebound? Stay tuned.

The No.1 contract was PHE at 11 East 68th Street, asking $36 million. This prewar triplex condo has 7,058 square feet including 6 bedrooms, 7 bathrooms, 4 fireplaces, and 4 terraces that total approximately 2,900 square feet. The unit was purchased as a white box in 2016 for $37,443,583 by Hirschfeld Properties/Elie Hirschfeld and then renovated.

The No. 2 contract was a townhouse at 11 East 82nd Street, asking $29.5 million, reduced from $44 million when it went on the market in November 2017. This 25-foot-wide limestone house has 12,729 square feet including 9 bedrooms, 7 bathrooms, 3 terraces, a garden and an elevator. The sellers are Broadway Producers Janet and Howard Kagan (The Last Comet, the revival of Pippin) who purchased the home for $24.450 million in October 2009.



EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 5 1 0 2 Avg.Ask:
$8,286,750
8
Condos 3 2 2 7 Avg.Ask:
$9,262,571
Avg.$/sq.ft.:
$2,952/sq.ft
Avg.Size:
3,138 sq.ft.
14
Condop* 0 0 0 1 Avg.Ask:
$4,195,000
0
Townhouses Avg.Ask:
$14,898,333
Avg.$/sq.ft.:
$2,326/sq.ft.
Avg.Size:
6,406 sq.ft.
3
TOTALS 9 3 2 12 26


*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 23 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
February 11-17, 2019
Total Weekly Asking Price Sales Volume: 244,860,000

Average Asking Price: 9,417,692

Median Asking Price: 5,700,000

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

Average Days on Market: 396









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