Fair Housing Notice

LUXURY MARKET REPORT 2021
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
March 1-7, 2021

36 Contracts Signed

Thirty-six contracts were signed last week at $4 million and above, extending the luxury market’s streak of 30 or more deals to 5 weeks in a row.

Stat Geek Alert I: In the last 11 weeks, 297 contracts were signed at $4 million and above totaling over $2.5 billion in volume. The breakdown: 208 condos, 47 co-ops, 3 condops, and 39 townhouses.

Stat Geek Alert II: In the last 11 weeks, 56% of condos were sold by developers.

The No. 1 contract --as reported by The Wall Street Journal-- is a townhouse at 9 East 71st Street, asking $65 million, reduced from $88 million when it was listed in July. The 7-story, 50-foot-wide limestone mansion has 28,000 square feet, and is one of the largest private residences in New York. It is the former home of the late Jeffrey Epstein, the financier who committed suicide in a New York jail in August 2019, while being held on charges of sex trafficking.

The Wall Street Journal also reported that the contract was approximately $50 million, which translates to $1,786/sq.ft.

The No. 2 contract was PHC at 7 Hubert Street, asking $17.85 million, reduced from $18.5 million when it came on the market in August. The condo has 4,262 square feet including a 36-foot great room, 2 bedrooms, a library, formal dining room, an eat-in kitchen, and 3 fireplaces. A terrace surrounds the apartment. The seller was philanthropist Courtney Ross, who paid $11.5 million in January 2010. Ross founded the Ross School in Easthampton in 1991.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 1 2 0 3 Avg.Ask:
$5,989,167
6
Condos 5 2 0 16 Avg.Ask:
$7,690,609
Avg.$/sq.ft.:
$2,684/sq.ft.
Avg.Size:
2,865 sq.ft.
23
Condop* 0 0 0 1 Avg.Ask:
$4,750,000
Avg.$/sq.ft.:
$2,093/sq.ft.
Avg.Size:
2,270 sq.ft.
1
Townhouses 1 1 0 4 Avg.Ask:
$19,180,833
Avg.$/sq.ft.:
$2,131/sq.ft.
Avg.Size:
9,001 sq.ft.
6
TOTALS 7 5 0 24 . 36


*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 30 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 30 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 6 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
March 1-7, 2021
Total Weekly Asking Price Sales Volume: $332,654,000

Average Asking Price: $9,240,389

Median Asking Price: $6,995,000

Average Discount from Original Ask to Last Asking Price: 12%

Average Days on Market: 551









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