Fair Housing Notice

LUXURY MARKET REPORT 2021
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
August 2-8, 2021

36 Contracts Signed

Thirty-six contracts were signed last week at $4 million and above, an impressive 15 more than the previous week. Condos outsold co-ops, 27 to 7, and 2 townhouses were in the mix. Over half of the properties were sold by developers.

Stat Geek Alert: The luxury market has registered 30 or more contracts signed in 25 out of the last 27 weeks. And in 17 of the last 27 weeks, the top 2 contracts have been penthouse apartments—and that also includes this week’s top sale.

The No. 1 contract was PH60/61 at 56 Leonard Street, asking $49.995 million. The seller bought the unit off of floorplans and closed for $47,866,945 in June 2017. The duplex condo has 7,779 square feet including 5 bedrooms and 5 bathrooms. Two terraces and a balcony total 1,252 square feet. The condo features 19-foot ceilings in the living room, a gas fireplace, and breathtaking views of the city including the Hudson River and Statue of Liberty. It is the most expensive Downtown condo contract registered this year. 56 Leonard is a 60-story, 145-unit condo designed like a glass obelisk by Pritzker Prize-winning architects Herzog & de Meuron. It has 17,000 square feet of amenities including a 75-foot pool, indoor/outdoor theaters, landscaped sundeck, fitness center, sauna, lounge, and a children’s playroom.

The No. 2 contract was the 12th floor at 1030 Fifth Avenue asking $20 million. The co-op has been on and off the market since September 2017, cycling through 3 brokerage firms and starting as high as $45 million. It spans the entire floor and has 5 bedrooms, 5.5 bathrooms, and 10-foot ceilings. The living room, library, and formal dining room all have fireplaces and face Central Park. The unit needs to be renovated. The building allows only 30% mortgage financing, and the monthly maintenance is $22,866.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 4 0 0 3 Avg.Ask:
$7,978,571
7
Condos 1 7 1 18 Avg.Ask:
$8,457,626
Avg.$/sq.ft.:
$3,327/sq.ft.
Avg.Size:
2,542 sq.ft.
27
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 2 0 0 0 Avg.Ask:
$13,992,500
Avg.$/sq.ft.:
$1,844/sq.ft.
Avg.Size:
7,550 sq.ft.
2
TOTALS 7 7 1 21 . 36


*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 2 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
August 2-8, 2021
Total Weekly Asking Price Sales Volume: $309,950,990

Average Asking Price: $8,609,747

Median Asking Price: $6,325,000

Average Discount from Original Ask to Last Asking Price: 12%

Average Days on Market: 630









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