LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
June 24-30, 2019

25 Contracts Signed

Twenty-five contracts were signed last week at $4 million and above, the 10th straight week of 20+ sales. Condos outsold co-ops, 16 to 6, and 3 townhouses were in the mix. Properties on average were reduced by 10% before they went to contract. The average days on the market was 534.

Stat Geek Alert: Seven of these properties, all condos sold by developers, went to contract and closed in the same week, thus avoiding the increases in the new New York State Mansion Tax that went into effect today (July 1).

The No. 1 contract was a townhouse at 36-38 East 74th Street, asking $28.75 million. It was also the site of this year’s Kips Bay Decorator’s Show House. The 6-story, 40-foot-wide home has 14,000 square feet, 12 bedrooms, 8 bathrooms, a powder room, 10 fireplaces, a 40’ x 38’ garden, and an elevator.

The No. 2 contract was a duplex condo at 515 Park Avenue, asking $26.8 million. It has 6,500 square feet including 5 bedrooms, 5.5 bathrooms, a 40-foot living room, a 30-foot formal dining room, and views of Central Park. The owner purchased the unit for $23.98 million in January 2010.



EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 3 2 0 1 Avg.Ask:
$6,537,000
6
Condos 3 3 1 9 Avg.Ask:
$9,447,500
Avg.$/sq.ft.:
$2,970/sq.ft.
Avg.Size:
3,393 sq.ft
16
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses Avg.Ask:
$15,465,000
Avg.$/sq.ft.:
$1,965/sq.ft.
Avg.Size:
7,870 sq.ft.
3
TOTALS 7 5 1 12 25


*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 22 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 24-30, 2019
Total Weekly Asking Price Sales Volume: 236,993,000

Average Asking Price: 9,479,720

Median Asking Price: 6,495,000

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

Average Days on Market: 534









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