Fair Housing Notice

LUXURY MARKET REPORT 2021
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
December 27, 2021-January 2, 2022

22 Contracts Signed

Twenty-two contracts were signed last week at $4 million and above in Manhattan, 20 fewer than the previous week. Condos outsold co-ops, 17-5.

Stat Geek Alert: Last week’s total marks the strongest start of a new year since we launched this report in 2006. The previous record was 15 contracts signed in 2017.

The No. 1 contract was PH16 at 109 East 79th Street, asking $29,985,000. It has 6,548 square feet including 5 bedrooms and 5.5 bathrooms. A living room with a fireplace, library, and formal dining room open onto 2 terraces that total 640 square feet and overlook 79th Street. Ceiling heights are 11 feet. This new 20-story, 31-unit condo was designed by Steven Harris Architects and completion is expected later this year. 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. Twenty out of 31 units have sold with asking prices averaging $3,913/sq.ft.

The No. 2 contract was the 9th floor at 1165 Madison Avenue, asking $21.5 million, raised from the original offering-plan price of $18.65 million. This full-floor unit has 6,132 square feet including 5 bedrooms and 6.5 bathrooms. It features 13-foot ceilings and huge arched windows overlooking Madison and 86th Street. It is in a new 12-unit, 14-story condo called The Bellemont, designed by architect Robert A.M Stern. Amenities include a concierge, fitness center, squash court, roof terrace, children’s playroom, and screening room. Marketing started in the fall of 2021 and 8 contracts have been signed on 12 units with asking prices averaging $3,869/sq.ft.

Happy New Year and Stay Safe!!!



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 2 0 0 3 Avg.Ask:
$6,543,000
5
Condos 7 3 0 7 Avg.Ask:
$9,390,411
Avg.$/sq.ft.:
$3,095/sq.ft.
Avg.Size:
3,034 sq.ft.
17
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
TOTALS 9 3 0 10 . 22


*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 22 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 0 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
December 27, 2021-January 2, 2022
Total Weekly Asking Price Sales Volume: $192,351,990

Average Asking Price: $8,743,272

Median Asking Price: $5,497,950

Average Discount from Original Ask to Last Asking Price: 2%

Average Days on Market: 604









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