Fair Housing Notice

LUXURY MARKET REPORT 2021
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
October 11-17, 2021

41 Contracts Signed

Forty-one contracts were signed last week in Manhattan at $4 million and above, 5 fewer than the previous week. Condos outsold co-ops, 34-4, with 1 condop and 2 townhouses in the mix.

Stat Geek Alert: Could it be that the days of the Covid-19 discount are waning? Consider this: In the last 5 weeks, the average discount on Manhattan properties---from the original asking price to the last asking price----has dropped from 10% to 5%.

The No. 1 contract was PH15+ PH16 at 150 East 78th Street, asking $32,750,000. The deal is comprised of 2 separate penthouse apartments sold to a family, with the sponsor agreeing to combine the units. The combination totals 7,288 square feet including 8 bedrooms and 8.5 bathrooms, plus 2 fireplaces. Two terraces--off the living room on the 15th floor and off the kitchen on the 16th floor--total 1,484 square feet. 150 East 78th Street is a new 25-unit limestone building designed by architect Robert A.M. Stern that started marketing in January. The velocity of sales has been brisk and so far has averaged $3,032/sq.ft. Only 2 units are left (a contract is out on Penthouse 14, while DPH11B, a duplex with a terrace, is available, asking $16.5 million for 3,816 square feet). Amenities in the condo include a fitness center, regulation squash court, rooftop terrace, lounge, and children’s playroom.

The No. 2 contract was PH19 at 109 East 79th Street, asking $25.850 million. The unit has 5,561 square feet with 5 bedrooms and 5.5 bathrooms. The 28’ x 27’ living room with a fireplace opens onto a 23-foot-wide balcony; the library also has a terrace. The condo building is under construction, and is designed by Steven Harris Architects. It has 31 units on 20 floors and completion is expected next year. Nine contracts have been signed with an average asking price of $3,611/sq.ft. Amenities include doormen, a regulation-size squash court that converts to a basketball court, a gym, golf simulator, game room, and a spa treatment center.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 2 1 0 1 Avg.Ask:
$7,422,500
4
Condos 15 1 2 16 Avg.Ask:
$8,605,121
Avg.$/sq.ft.:
$2,950/sq.ft.
Avg.Size:
2,917 sq.ft.
34
Condop* 0 1 0 0 Avg.Ask:
$5,250,000
Avg.$/sq.ft.:
$1,817/sq.ft.
Avg.Size:
2,889 sq.ft.
1
Townhouses 1 1 0 0 Avg.Ask:
$5,147,500
Avg.$/sq.ft.:
$1,007/sq.ft.
Avg.Size:
5,113 sq.ft.
2
TOTALS 18 4 2 17 . 41


*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 39 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 39 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
October 11-17, 2021
Total Weekly Asking Price Sales Volume: $328,833,990

Average Asking Price: $8,220,850

Median Asking Price: $6,750,000

Average Discount from Original Ask to Last Asking Price: 5%

Average Days on Market: 472









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