Fair Housing Notice

LUXURY MARKET REPORT 2022
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
April 18-24, 2022

37 Contracts Signed

Thirty-seven contracts were signed last week at $4 million and above, four fewer than the previous week. Condos outsold co-ops 22-9, and 6 townhouses were in the mix.

Stat Geek Alert: The biggest sale of the year was last week’s No.1 contract--and that would be…

The 82nd floor at 432 Park Avenue, asking $79 million reduced from $90 million when it was listed in August 2020. In 2016, the seller purchased 2 units on the 82nd floor from the sponsor for $61,902,135 and combined them. The floor has 8,054 square feet including 5 bedrooms, 6 bathrooms, and 2 powder rooms. The unit has close to 13-foot ceilings and 10’ x 10’ windows that capture breathtaking 360-degree views. Monthly common charges and real estate taxes total $40,360.

The sale is particularly significant because the buyers live in the building and are apparently unfazed by the $125 million lawsuit filed by the condo board in September 2021 against the developer for structural defects that were reported on Page One of The New York Times.

432 Park is 96 stories high, a concrete-and-glass edifice designed by Rafael Vinoly that can be seen from almost anywhere in the 5 boroughs. Amenities include a fitness center, a 75-foot swimming pool, private dining room, parking, a garden, and a children’s playroom.

The No. 2 contract was Pavilion A at 2 Park Place, asking $23.355 million, reduced from $33.35 million when it was listed in 2019. This Woolworth Tower condo is a duplex with 5 bedrooms, 4 bathrooms, and 2 powder rooms spanning 6,711 square feet. The unit features a 53-foot great room with 22-foot ceilings, plus a rooftop terrace that totals 2,770 square feet. Amenities in the 34-unit building include a doorman, fitness center, pool, wine room, and onsite parking.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 6 1 1 2 Avg.Ask:
$5,666,556
10
Condos 1 5 3 12 Avg.Ask:
$10,602,818
Avg.$/sq.ft.:
$3,373/sq.ft.
Avg.Size:
3,143 sq.ft.
21
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 3 0 0 3 Avg.Ask:
$9,185,833
Avg.$/sq.ft.:
$2,330/sq.ft.
Avg.Size:
3,942 sq.ft.
6
TOTALS 10 6 4 17 . 37


*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 6 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
April 18-24, 2022
Total Weekly Asking Price Sales Volume: $339,376,000

Average Asking Price: $9,172,324

Median Asking Price: $5,975,000

Average Discount from Original Ask to Last Asking Price: 11%

Average Days on Market: 715









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