Fair Housing Notice

LUXURY MARKET REPORT 2021
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
May 31-June 6, 2021

31 Contracts Signed

Thirty-one contracts were signed last week at $4 million and above in Manhattan, 9 fewer than the previous week. The good news: Last week’s total extended the streak of 30 or more signed contracts at $4 million and above to 18 weeks in a row!

Stat Geek Alert: Five townhouse contracts were signed last week, adding to the year-to-date total of 95 townhouse deals. At this point, more townhouse contracts have been signed since we started keeping track. The previous highest January-to-June total was in 2015, when 72 townhouse contracts were signed. Why? Perhaps the pandemic has attracted more buyers to large, private living quarters that afford outdoor space. It is interesting to note that the year-to-date average townhouse asking price is $10,492,164 and the average size is 5,749 square feet. This translates to $1,825/sq.ft., which is not much different than many other years. One factor is decidedly different: Construction costs have increased dramatically.

The No. 1 contract was PHA at 895 Park Avenue asking $29.5 million. This marked the 2nd time in the last 4 weeks that a co-op has hit the No.1 spot. It is the highest co-op contract so far this year, eclipsing former Treasury Secretary Steve Mnuchin’s sale of 8/9A at 740 Park asking $25,750,000 during the week of May 10. The penthouse duplex has 6 bedrooms, 6.5 bathroom, and 5 fireplaces, plus a sunroom and landscaped terraces with views of Central Park. It is being sold by an estate---the deceased owners bought the unit in 1974 from the late conductor Leonard Bernstein.

The No. 2 contract was the Mansion at 21 East 61st Street asking $27.5 million, which was listed in March for roughly the same price that the sellers paid in 2019. This townhouse-style co-op has 9,742 square feet spanning 5 floors with 6 bedrooms, 6 bathrooms, 2 powder rooms, 3 terraces, and an internal elevator. The top floor does not have bedrooms and bathrooms and needs to be renovated. The building was the former Carlton Hotel, which was converted into a co-op in 2013 with a land lease and condo rules. The listing broker was Roger Erickson of Douglas Elliman, and Carrie Chiang of The Corcoran Group represented the buyers who are New Yorkers. “We had multiple bids,” said Erickson. “No one has this type of apartment. You have the benefits of townhouse living but all the amenities of a condo.” Amenities include a concierge, doorman, a 65-foot swimming pool, a fitness center, a bike room, and storage.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 8 0 0 3 Avg.Ask:
$11,778,182
11
Condos 4 2 3 6 Avg.Ask:
$7,762,200
Avg.$/sq.ft.:
$2,746/sq.ft.
Avg.Size:
2,827 sq.ft.
15
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 2 1 0 2 Avg.Ask:
$10,149,000
Avg.$/sq.ft.:
$1,867/sq.ft.
Avg.Size:
5,436 sq.ft.
5
TOTALS 14 3 3 11 . 31


*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 26 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 26 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
May 31-June 6, 2021
Total Weekly Asking Price Sales Volume: $296,738,000

Average Asking Price: $9,572,194

Median Asking Price: $5,950,000

Average Discount from Original Ask to Last Asking Price: 6%

Average Days on Market: 530









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