Fair Housing Notice

LUXURY MARKET REPORT 2021
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
August 23-29, 2021

27 Contracts Signed

Twenty-seven contracts were signed last week in Manhattan at $4 million and above, three more than the previous week. Condos outsold co-ops, 15-3. It was the biggest week for townhouses we’ve ever recorded, with 9 inked deals including the top 2 sales—both in Greenwich Village.

Stat Geek Alert: Year-to-date, 146 contracts have been signed on townhouses, a total that is approaching the 2014 record of 153 contracts. Average prices and size are relatively the same as in past years, with the average townhouse asking $1,825/sq.ft. and the average size at 5,647 square feet.

The Covid virus and its variants are driving the townhouse market: Buyers are opting for a bubble to avoid high-rise buildings with elevators, while securing large space for home offices, a private gym, gardens, and terraces. Most of the houses that have traded in 2021 needed work, but last week’s top 2 deals were signed at premium prices that reflected quality renovations.

The No. 1 contract was 30 Grove Street, asking $28 million; it was listed in September 2019. It was purchased in 2011 for $8.25 million and impeccably renovated by a top designer and contractor. The 5-story, 21-foot-wide house has 5,864 square feet including 5 bedrooms, 3 bathrooms, 3 powder rooms, 2 fireplaces, and an elevator. It has a double-height ceiling in the living room, a rooftop greenhouse, landscaped garden, terrace, wine cellar, and gym. It is one of the most expensive houses to ever sell in the West Village.

The No. 2 contract was 79 Horatio Street, asking $26,400,000; it was listed in January. The house was purchased for $21 million in 2014 after being renovated. At 23 feet wide and 5 stories, the house has 7,900 square feet including 5 bedrooms, 5 bathrooms, 3 powder rooms, a staff room, and an elevator. It has over 2000 square feet of outdoor space between a landscaped garden and rooftop terrace.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 3 0 0 0 Avg.Ask:
$8,500,000
3
Condos 4 3 0 8 Avg.Ask:
$6,041,399
Avg.$/sq.ft.:
$2,267/sq.ft.
Avg.Size:
2,655 sq.ft.
15
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 2 2 1 4 Avg.Ask:
$13,051,667
Avg.$/sq.ft.:
$2,453/sq.ft.
Avg.Size:
5,320 sq.ft.
9
TOTALS 9 5 1 12 . 27


*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 18 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 9 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 23-29, 2021
Total Weekly Asking Price Sales Volume: $234,159,999

Average Asking Price: $8,672,593

Median Asking Price: $5,700,000

Average Discount from Original Ask to Last Asking Price: 8%

Average Days on Market: 546









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