Fair Housing Notice

LUXURY MARKET REPORT 2021
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
May 10-16, 2021

37 Contracts Signed

Thirty-seven contracts were signed last week at $4 million and above in Manhattan, a decline of 5 deals from the previous week’s total. Condos outsold co-ops, 26-10, with 1 townhouse in the mix.

Stat Geek Alert: After 5 straight weeks, the streak of 40 or more contracts signed has ended. But don’t fret: The streak of 30 or more contracts was extended to 15 weeks in a row.

The No. 1 contract was 8/9A at 740 Park Avenue, asking $25.75 million, reduced from $32.5 million when it was listed in September 2018. The duplex co-op is owned by Steven Mnuchin, the former Treasury Secretary in the Trump Administration. It has 5 bedrooms, 6.5 bathrooms, and 4 fireplaces. The living room, library, and master suite face Park Avenue. It is the most expensive co-op to sell in Manhattan in over 18 months. 740 Park is one of the all-time status buildings, and was chronicled in a book by Michael Gross. It was the childhood residence of Jacqueline Kennedy Onassis and home to the late billionaire philanthropist, David Koch. Current residents include Vera Wang and hedge funders Howard Marks, Israel Englander, and Stephen Schwarzman.

The No. 2 contract was Unit 4 at 24 Leonard Street, asking $15.8 million; it was listed in August. The condo has 4,929 square feet including 5 bedrooms, 4.5 bathrooms, an office, playroom, and a parking spot. There are landscaped terraces off the living room and master bedroom. The seller paid $11.1 million in April 2019. Amenities in this 7-unit boutique condo include a 24-hour doorman, gym, and a garage.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 6 0 1 3 Avg.Ask:
$7,911,818
10
Condos 4 9 1 12 Avg.Ask:
$8,508,120
Avg.$/sq.ft.:
$2,816/sq.ft.
Avg.Size:
3,019 sq.ft.
26
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 0 0 1 0 Avg.Ask:
$6,850,000
Avg.$/sq.ft.:
$1,142/sq.ft.
Avg.Size:
6,000 sq.ft.
1
TOTALS 10 9 3 15 . 37


*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 1 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
May 10-16, 2021
Total Weekly Asking Price Sales Volume: $336,538,000

Average Asking Price: $8,281,973

Median Asking Price: $6,850,000

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

Average Days on Market: 448









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