Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
January 6-12, 2020

11 Contracts Signed

Eleven contracts were signed last week at $4 million and above, a disappointing start to the New Year. The first 2 weeks of 2020 have recorded the lowest total of contracts signed (19) since 2012, when 13 sales were posted.

The No. 1 contract was a brownstone at 118 East 76th Street, asking $39 million; it has been listed since November 2017. This 32-foot-wide, 6-story house has 13,000 square feet including 8 bedrooms, 9 bathrooms, 4 powder rooms, and an elevator. The top floor has a gym that opens onto a 36-foot lap pool. Annual real estate taxes are $277,482. It was sold by developer Joseph Chetrit, who bought 6 brownstones from Lenox Hill Hospital in 2007 for $26 million and combined them into 3 homes. This is the second of the 3 houses to sell. The other was at 110 East 76th Street, which closed for $40.25 million in August 2018.

The No. 2 contract was at 33 West 74th Street, asking $8.845 million, reduced from $9.495 million when it went on the market in April of last year. The brownstone is known for its wisteria vines that cascade over the façade and bloom luscious purple flowers in the spring. The 20-foot-wide house has 6,576 square feet and has been divided into 2 units with a total of 9 bedrooms, 2 kitchens, and 6 bathrooms. It does not have an elevator. Annual real estate taxes are $54,920.



EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 0 0 0 0 Avg.Ask:
0
Condos 1 3 0 4 Avg.Ask:
$5,700,625
Avg.$/sq.ft.:
$2,116/sq.ft.
Avg.Size:
2,695 sq.ft.
8
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses Avg.Ask:
$17,615,000
Avg.$/sq.ft.:
$2,175/sq.ft.
Avg.Size:
8,100 sq.ft.
3
TOTALS 4 3 0 4 11


*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 8 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



Source: Olshan Realty




QUICK STATS

for the week of
January 6-12, 2020
Total Weekly Asking Price Sales Volume: 98,450,000

Average Asking Price: 8,950,000

Median Asking Price: 5,725,000

Average Discount from Original Ask to Last Asking Price: 7%

Average Days on Market: 905









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