Fair Housing Notice

LUXURY MARKET REPORT 2021
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
May 17-23, 2021

37 Contracts Signed

Thirty-seven contracts were signed last week at $4 million and above in Manhattan, the same total as the previous week. This extends the streak of 30 or more contracts signed to 16 weeks in a row.

Stat Geek Alert: What’s selling? Larger-sized condos. As a result of the pandemic, it appears that buyers are purchasing larger apartments to accommodate working from home. From 2013 to 2020, the average size of a condo asking $4 million and above was 2,806 square feet. Year-to-date, the average size of a condo asking $4 million and above is 3,011 square feet.

The No. 1 contract was the 8th floor at 67 Vestry Street, asking $23,875,000. This 6-bedroom, 5.5-bath condo has 5,794 square feet with a 1,500-square-foot great room and master bedroom overlooking the Hudson River. It is one of the most expensive condos to sell in Tribeca this year. The buyers are a family living only a few blocks away. The 13-unit building, designed by Gachot Studios, is under construction, and features the following amenities: 24-hour doorman, fitness center, lap pool, steam and sauna rooms, a game room, and storage. Parking is also available for purchase.

The No. 2 contract was N28A at 565 Broome Street, asking $16,950,000, reduced from $19.95 million when it was listed off of floorplans in 2016. It has 4,682 square feet including 4 bedrooms and 4.5 bathrooms and featuring 10-foot ceilings. A 41-foot great room faces the Hudson River. 565 Broome Street was designed by Pritzker Prize-winning architect Renzo Piano, who also designed the new Whitney Museum. More than 17,000 square feet of amenities include a concierge, fitness center, a 55-foot indoor lap pool, a sauna, and a yoga studio, plus a children’s playroom and parking.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 8 2 0 3 Avg.Ask:
$6,202,308
13
Condos 1 4 2 14 Avg.Ask:
$8,152,857
Avg.$/sq.ft.:
$2,843/sq.ft.
Avg.Size:
2,867 sq.ft.
21
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 2 1 0 0 Avg.Ask:
$10,315,000
Avg.$/sq.ft.:
$1,524/sq.ft.
Avg.Size:
6,770 q.ft.
3
TOTALS 11 7 2 17 . 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 34 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 34 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 3 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 17-23, 2021
Total Weekly Asking Price Sales Volume: $282,785,000

Average Asking Price: $7,642,838

Median Asking Price: $5,995,000

Average Discount from Original Ask to Last Asking Price: 7%

Average Days on Market: 459









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