Fair Housing Notice

LUXURY MARKET REPORT 2022
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
July 4-10, 2022

19 Contracts Signed

Nineteen contracts were signed last week at $4 million and above in Manhattan, 7 fewer than the previous week. Condos outsold co-ops, 11-6, and 2 townhouses were in the mix.

Stat Geek Alert: The decline in the number of contracts is to be expected, considering the shortened July 4th week. In fact, the 10-year average of contracts signed at $4 million and above in the July 4th week is 18 contracts.

The No. 1 contract was a townhouse at 228 West 11th Street, asking $25 million when it was listed in the middle of May. This recently renovated 4-story, 25-foot-wide house has 6,454 square feet including 6 bedrooms, 5 bathrooms, and two offices. Its outdoor space totals 2,461 square feet including a garden with a gazebo and a hot tub. The house does not have an elevator, but it does have low real estate taxes--$36,162 per annum.

The No. 2 contract was 2/3C at 740 Park Avenue, asking $13.9 million, reduced from $19.5 million when it was listed 2 years ago. This duplex co-op has 5 bedrooms, 6.5 bathrooms, 2 fireplaces, and 10’9” ceilings. The building does not allow financing, and major renovating can only be conducted between May 15 and September 15. Amenities include a doorman, fitness center, and storage.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 2 2 0 2 Avg.Ask:
$8,130,833
6
Condos 1 4 0 6 Avg.Ask:
$5,925,909
Avg.$/sq.ft.:
$2,324/sq.ft.
Avg.Size:
2,549 sq.ft.
11
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 0 1 0 1 Avg.Ask:
$14,700,000
Avg.$/sq.ft.:
$2,475/sq.ft.
Avg.Size:
5,939 sq.ft.
2
TOTALS 3 7 0 9 . 19


*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 17 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
July 4-10, 2022
Total Weekly Asking Price Sales Volume: $143,369,999

Average Asking Price: $7,545,789

Median Asking Price: $6,595,000

Average Discount from Original Ask to Last Asking Price: 6%

Average Days on Market: 358









OLSHAN REALTY, INC. | Established 1980
641 Lexington Avenue, Suite 2200, New York, NY 10022 | 212-751-3300 | Privacy Policy

. . . .