Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
August 12-18, 2019

19 Contracts Signed

Nineteen contracts were signed last week at $4 million and above, the highest total since the last week in June, when a wave of 25 contracts was signed. At that point, many last-minute buyers were rushing to skirt the increase in the New York State Mansion tax on July 1.

Stat Geek Alert I: In a highly unusual occurrence, the top 4 sales were all townhouses.

Stat Geek Alert II: A total of 5 townhouses made last week’s list, and altogether they were reduced on average by 39% from their original asking price before a contract was negotiated. What’s more, they spent an average of 1,036 days on the market.

The No. 1 contract was a townhouse at 141 West 11th Street, asking $21.85 million, reduced from $26.5 million when it went on the market in March 2015. The 6-floor, 22.75-foot-wide townhouse has 7,357 square feet including 5 bedrooms, 5 bathrooms, 3 powder rooms, and an elevator; it also includes a garden and rooftop terrace totaling 1,197 square feet. The house went to contract in May of 2018, but the then-buyer failed to close so it went back on the market a year later. It is part of the Greenwich Lane, an elegantly designed condo complex comprised of 5 buildings with 193 units and 5 townhouses. The townhouse has use of the condo’s amenities that include concierge, doorman, fitness center, a 25-meter pool, children’s room, and garage. The sponsor, Rudin Management and Global Holdings, have sold all of the units except for one townhouse at 133 West 11th Street, which they rented on August 1; it was asking $75,000 per month.

The No. 2 contract was a townhouse at 23 Perry Street, asking $15.995 million when it was listed in April. This 4-story, 19-foot-wide brick house was renovated in 2014 and has 4,570 square feet including 4 bedrooms, 3 bathrooms, a finished basement with a gym and wine room, an elevator, and 4 gas fireplaces. It has a landscaped garden, and a terrace off the top-floor master suite. The seller purchased the house for $11.65 million in January 2011.



EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 2 1 0 2 Avg.Ask:
$6,999,000
5
Condos 1 2 3 2 Avg.Ask:
$6,345,625
Avg.$/sq.ft.:
$2,200/sq.ft.
Avg.Size:
2,885 sq.ft.
8
Condop* 0 0 0 1 Avg.Ask:
$5,475,000
0
Townhouses Avg.Ask:
$14,129,000
Avg.$/sq.ft.:
$1,824/sq.ft.
Avg.Size:
7,746 sq.ft.
5
TOTALS 5 4 3 7 19


*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 14 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 5 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

© 2024 Olshan Realty | All Rights Reserved.
This website, its content, and the Olshan Luxury Report is copyright of Olshan Realty.



Source: Olshan Realty




QUICK STATS

for the week of
August 12-18, 2019
Total Weekly Asking Price Sales Volume: 161,900,000

Average Asking Price: 8,521,053

Median Asking Price: 6,950,000

Average Discount from Original Ask to Last Asking Price: 25%

Average Days on Market: 619









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This website, its content, and the Olshan Luxury Report is copyright of Olshan Realty.