Fair Housing Notice

LUXURY MARKET REPORT 2021
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
March 29-April 4, 2021

34 Contracts Signed

Thirty-four contracts were signed last week at $4 million and above, slipping from the 7-year high of 47 contracts in the previous week.

Stat Geek Alert I: The Passover-Easter week traditionally sees a market slowdown, but the 34 contracts extends a record-breaking luxury market streak of 30 or more deals to 9 weeks in a row, a streak not seen since we started recording the Olshan Report in 2006.

Stat Geek Alert II: In the last 9 weeks, a total of 340 contracts were inked at $4 million and above totaling $2,860,453,999. Helping to fuel this hot streak were meaningful discounts---an 11% average discount from the original asking price to the last asking price before buyers started negotiating. The properties averaged 628 days on the market.

The No. 1 contract was PHB at 166 Duane Street, asking $17.5 million, which was listed in July. The duplex loft has 6,100 square feet including 5 bedrooms and 4.5 bathrooms. A 36-foot great room and an upstairs sunroom open onto a 23’ x 38’ terrace. Condo amenities include a doorman, storage, and a landscaped roof garden with an outdoor kitchen.

The No. 2 contract was a townhouse at 69 East 82nd Street, asking $15.250 million, reduced from $16.4 million when it was listed in July. The sellers purchased the house for $10.4 million in 2011 and then renovated using the husband-wife team of AD 100 fame: architect Peter Pennoyer and designer Katie Ridder. The 5-story, 20-foot-wide house has 5,360 square feet including 6 bedrooms, 6 bathrooms, and 3 powder rooms. An eat-in kitchen opens onto a 45-foot landscaped garden, and there is a terrace off a bedroom on the 4th floor. The house does not have an elevator.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 5 3 0 1 Avg.Ask:
$7,527,111
9
Condos 2 1 1 17 Avg.Ask:
$7,743,000
Avg.$/sq.ft.:
$2,829/sq.ft.
Avg.Size:
2,737 sq.ft.
21
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 1 1 0 2 Avg.Ask:
$9,935,000
Avg.$/sq.ft.:
$1,799/sq.ft.
Avg.Size:
5,523 sq.ft.
4
TOTALS 8 5 1 20 . 34


*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 4 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 29-April 4, 2021
Total Weekly Asking Price Sales Volume: $270,087,000

Average Asking Price: $7,943,735

Median Asking Price: $7,100,000

Average Discount from Original Ask to Last Asking Price: 13%

Average Days on Market: 657









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