Fair Housing Notice

LUXURY MARKET REPORT 2021
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
March 15-21, 2021

41 Contracts Signed

Forty-one contracts were signed last week at $4 million and above, extending the luxury market’s streak of 30 or more deals to 7 weeks in a row—the longest streak since we started keeping track in 2006.

Stat Geek Alert: Since the beginning of the year, 343 contracts at $4 million and above have been signed vs. 215 contracts in the same period last year.

Stat Geek Alert II: March 22 marks the one-year anniversary of the New York State shutdown that lasted 13 weeks as the city waited out the dark days of the pandemic. During that period, just 53 contracts were signed at $4 million and above. There was even a 4-week stretch, from the last week of March through the first 3 weeks in April, when only 2 contracts were signed each week. At that point, any deal felt liked a miracle.

Last week, the No. 1 contract was a townhouse at 19 West 12th Street, asking $22.5 million, reduced from $34.95 million when it was listed in February 2016; it then cycled thru 3 brokerage firms. The 5-story, 25-foot-wide Greek revival house has 6,750 square feet and an elevator. The seller purchased the house in 2008 for $13.5 million and then renovated. It has 5 bedrooms and 6.5 bathrooms, a large garden, a terrace off the dining room, plus a rooftop terrace.

The No. 2 contract was also a townhouse at 11 East 93rd Street, asking $16.5 million when it was listed in September. The seller paid $7.75 million in 2005 and then gut renovated it. The house has 7,714 square feet including 7 bedrooms, 7 bathrooms, 3 powder rooms, a garden, and a landscaped roof terrace with a small swimming pool. The house also has an elevator that services all 5 floors and a separate bicycle elevator in the front courtyard that accesses the basement.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 4 3 0 1 Avg.Ask:
$6,138,750
8
Condos 6 4 1 17 Avg.Ask:
$6,933,179
Avg.$/sq.ft.:
$2,626/sq.ft.
Avg.Size:
2,641 sq.ft.
28
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 1 1 1 2 Avg.Ask:
$11,780,000
Avg.$/sq.ft.:
$2,021/sq.ft.
Avg.Size:
5,819 sq.ft.
5
TOTALS 11 8 2 20 . 41


*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 36 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 36 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



Source: Olshan Realty




QUICK STATS

for the week of
March 15-21, 2021
Total Weekly Asking Price Sales Volume: $302,139,000

Average Asking Price: $7,369,244

Median Asking Price: $5,750,000

Average Discount from Original Ask to Last Asking Price: 11%

Average Days on Market: 588









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