Fair Housing Notice

LUXURY MARKET REPORT 2022
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
May 23-29, 2022

21 Contracts Signed

Twenty-one contracts were signed last week in Manhattan at $4 million and above, 2 fewer than the previous week---and the 3rd week in a row of declining sales. Condos outsold co-ops, 16-2, and 3 townhouses were in the mix.

Stat Geek Alert: In the week leading up to Memorial Day, the 10-year average of contracts signed is 26. As you can see, last week’s total was 5 fewer than the 10-year average. It would seem that a combination of rising interest rates and the tumbling stock market is finally taking its toll on the luxury market.

The No. 1 contract was PH75 at 53 West 53rd Street, asking $33,095,000, reduced from $36,300,090 when it was listed in July 2015 off of floorplans. Now finished, the condo occupies the entire 75th floor, with 4,599 square feet including 2 bedrooms and 2.5 bathrooms. A 22’ x 39’ great room with 11-foot ceilings and windows on 3 sides showcases spectacular views of Central Park, the Hudson and East Rivers.

53 West 53rd Street was designed by Pritzker Prize-winning architect Jean Nouvel, with interiors by Thierry Despont. Amenities include a concierge, fitness center, 65-foot lap pool, golf simulator, wine room, library, theater, storage, and a children’s playroom.

The No. 2 contract was 15/16A at 211 Central Park West, asking $19,990,000, reduced from $21 million when it was listed in July 2021. The units were purchased as two separate apartments in June 2007 for $15.1 million and then combined. The duplex has 5 bedrooms, 4.5 bathrooms, and south-facing views of Central Park and the Natural History Museum’s planetarium. The 16th floor includes a 31-foot living room with Central Park views, a study, and a large kitchen that opens onto the dining room. Downstairs contains the bedroom wing with Central Park views from the master bedroom, which has a dressing room and a library. The unit is in the Beresford co-op that is known for famous owners including Jerry Seinfeld. Amenities include doormen and a gym.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 0 2 0 0 Avg.Ask:
Avg. Price: $12,620,000
2
Condos 2 5 3 6 Avg.Ask:
Avg. Price: $8,703,187
Avg.$/sq.ft.:
Avg. $/sq.ft.: $3,029 sq.ft.
Avg.Size:
Avg. Size: 2,873 sq.ft.
16
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 1 1 0 1 Avg.Ask:
$9,273,333
Avg.$/sq.ft.:
$1,686/sq.ft.
Avg.Size:
5,500 sq.ft.
3
TOTALS 3 8 3 7 . 21


*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 18 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 3 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
May 23-29, 2022
Total Weekly Asking Price Sales Volume: $192,310,990

Average Asking Price: $9,157,666

Median Asking Price: $5,750,000

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

Average Days on Market: 383









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