Fair Housing Notice

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

33 Contracts Signed

Thirty-three contracts were signed last week at $4 million and above in Manhattan, 2 fewer than the previous week. Condos outsold co-ops, 21-10, and 2 townhouses were in the mix.

Stat Geek Alert I: In the first 12 weeks of 2022, 394 contracts were signed at $4 million and above, outpacing last year’s 1st quarter record of 390 contracts.

Stat Geek Alert II: During the same period, volume totaled $3,099,695,963, dropping from $3,321,558,998 last year. One factor in the decline was the dip in trophy sales--70 contracts were signed at $10 million and above compared to 82 contracts during the same period in 2021.

The No. 1 contract was PH17 at 109 East 79th Street, asking $29.35 million. It has 6,548 square feet including 5 bedrooms and 5.5 bathrooms. The living room with a fireplace and the formal dining room open onto 2 terraces that total 336 square feet and overlook 79th Street. Ceiling heights are 10 feet. This new 20-story, 31-unit condo was designed by Steven Harris Architects; 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-four out of 31 units have sold with asking prices averaging $4,067/sq.ft.

The No. 2 contract was a townhouse at 280 West 11th Street asking $18.995 million, reduced from $20 million when it went on the market in September 2020. This 6-story, 25.67-foot-wide house has 7,921 square feet and has been divided into 6 apartments. It backs on Bleecker Gardens, a common garden shared by 13 neighboring houses. The house needs to be renovated.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 7 1 0 2 Avg.Ask:
$6,273,800
10
Condos 4 3 2 12 Avg.Ask:
$8,217,476
Avg.$/sq.ft.:
$2,681/sq.ft.
Avg.Size:
3,065 sq.ft.
21
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 1 0 0 1 Avg.Ask:
$15,995,000
Avg.$/sq.ft.:
$2,188/sq.ft.
Avg.Size:
7,311 sq.ft.
2
TOTALS 12 4 2 15 . 33


*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 31 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 31 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
March 21-27, 2022
Total Weekly Asking Price Sales Volume: $267,295,000

Average Asking Price: $8,099,848

Median Asking Price: $5,899,000

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

Average Days on Market: 469









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