Fair Housing Notice

LUXURY MARKET REPORT 2022
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
February 21-27, 2022

34 Contracts Signed

Thirty-four contracts were signed last week at $4 million and above--though 4 fewer than the previous week, it was still an impressive total when you take into account the shortened holiday week. Condos outsold co-ops, 24-6, with 4 townhouses in the mix.

Stat Geek Alert: The first 2 months of 2022 registered 244 contracts signed at $4 million and above---the strongest start of any year since we started keeping records in 2006.

The No. 1 contract was PHB at 1165 Madison Avenue, asking $24.95 million, raised from the original offering-plan price of $21.5 million. This full-floor penthouse has 4,784 square feet including 5 bedrooms and 5.5 bathrooms, plus 2 terraces totaling 381 square feet. A 42-foot living room with 13-foot ceilings and a fireplace opens onto a 24-foot terrace. An adjoining library has an 11-foot terrace. The unit is in a new 12-unit, 13-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 with asking prices averaging over $3,900/sq.ft, Only 1 unit is left.

The No. 2 contract was 6D at 15 Central Park West, asking $20.5 million, reduced from $23 million when it was listed in March 2019. The seller purchased the unit from the sponsor in December 2007 for $10,793,450. It has 3,332 square feet including 4 bedrooms and 4.5 bathrooms. A corner 20’ x 20’ living room and 3 of the 4 bedrooms span 54 feet overlooking Central Park.

15 Central Park West was designed by architect Robert A.M. Stern. Amenities include a 14,000-square-foot fitness center with a 75-foot pool, a private restaurant for residents only, a landscaped motor court and garage, library, business center, game room, outdoor terrace, and children’s playroom.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 3 0 0 3 Avg.Ask:
$7,215,000
6
Condos 7 3 3 11 Avg.Ask:
$8,449,375
Avg.$/sq.ft.:
$3,097/sq.ft.
Avg.Size:
2,728 sq.ft.
24
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 1 1 0 2 Avg.Ask:
$6,568,750
Avg.$/sq.ft.:
$6,664/sq.ft.
Avg.Size:
3,948 sq.ft.
4
TOTALS 11 4 3 16 . 34


*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 30 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 30 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 4 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
February 21-27, 2022
Total Weekly Asking Price Sales Volume: $272,695,000

Average Asking Price: $8,020,441

Median Asking Price: $6,645,000

Average Discount from Original Ask to Last Asking Price: 35%

Average Days on Market: 508









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