Fair Housing Notice

LUXURY MARKET REPORT 2021
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
March 8-14, 2021

38 Contracts Signed

Thirty-eight contracts were signed last week at $4 million and above, extending the luxury market’s streak of 30 or more deals to 6 weeks in a row.

Stat Geek Alert I: The top 3 deals inflated last week’s volume of $419,558,500. That total made for the largest weekly dollar volume since March 11-17, 2013, when the volume hit $541,399,000 on 63 properties.

Stat Geek Alert II: Typically, condos at $4 million and above in Manhattan outsell co-ops by a ratio of 3 to 1. So far this year, the gap has widened to over 4 to 1.

The No. 1 contract was first reported in The Wall Street Journal--a townhouse at 12 East 69th Street, asking $79 million, reduced from $88 million. The Wall Street Journal reported that the deal was actually inked around $60 million, surpassing the $51 million on the 28,000-square-foot mansion that closed last week on 9 East 71st Street, the 50-foot-wide former home of the late financier--and accused sex-trafficker--Jeffrey Epstein.

The house at 12 East 69th Street is owned by billionaire Vince Viola, who purchased the house in 2005 for $20 million and then renovated it. It has been on and off the market for years, cycling through 2 brokerage firms, and in 2013, it had an asking price as high as $114 million. The 40-foot-wide, 6-story house has 20,000 square feet and features an indoor saline swimming pool, gym, and a duplex cinema.

The No. 2 contract was PH18/19A at 15 Central Park West, asking $57.9 million, reduced from $65 million when it was listed in September 2019. The seller paid $30,547,500 in April 2008. The duplex condo has 5,902 square feet including 4 bedrooms, 6.5 bathrooms, a library, and an internal elevator. The unit has spectacular views of Central Park. A 1,000-square-foot terrace on the 18th floor surrounds a corner living room with a gas fireplace, a library, entrance gallery, and formal dining room. Upstairs on the 19th floor are the bedrooms, including a master suite that opens onto a balcony and sitting room—all overlooking Central Park.

15 Central Park West was designed by Robert A.M. Stern and completed in 2007. Amenities include a 14,000-square-foot fitness center with a 75-foot pool, a private restaurant for residents only, a landscaped motor court and garage, library, business center, game room, outdoor terrace, and children’s playroom.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 3 3 1 1 Avg.Ask:
$5,453,750
8
Condos 9 3 2 10 Avg.Ask:
$10,318,063
Avg.$/sq.ft.:
$3,657/sq.ft.
Avg.Size:
.2,822 sq.ft.
24
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 1 3 0 2 Avg.Ask:
$21,382,500
Avg.$/sq.ft.:
$2,467/sq.ft.
Avg.Size:
8,669 sq.ft.
6
TOTALS 13 9 3 13 . 38


*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 32 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 32 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 8-14, 2021
Total Weekly Asking Price Sales Volume: $419,558,500

Average Asking Price: $11,041,013

Median Asking Price: $5,995,000

Average Discount from Original Ask to Last Asking Price: 9%

Average Days on Market: 603









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