Fair Housing Notice

LUXURY MARKET REPORT 2022
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
August 15-21, 2022

8 Contracts Signed

Eight contracts were signed last week at $4 million and above in Manhattan, 7 fewer than the previous week. It was the worst performance in the luxury market since the week of August 3-9, 2020, when 6 contracts were signed. Are rising interest rates starting to bite the luxury residential market? Or was it the lingering effects of June’s stock market collapse? Or maybe, it was simply the usual late August exodus out of Manhattan?

Stat Geek Alert: How dismal was last week’s performance? See for yourself: The 10-year average of contracts signed in the 3rd week of August is 17!

The No. 1 contract was 17/18A at 100 Eleventh Avenue, asking $14.995 million; it was listed in November. The duplex condo has 8,372 square feet including 4 bedrooms, 5 bathrooms, and 2 powder rooms. The unit has 11-foot ceilings and dramatic views of the Hudson River. The seller bought the unit from the sponsor in December 2009 for $19.4 million. This curve-shaped building, designed by Pritzker-prize winning architect Jean Nouvel, is distinctive for its façade that is comprised of 1,650 different-sized panes of glass. Amenities in the 57-unit condo include a doorman, concierge, fitness center, and a 70-foot lap pool.

The No. 2 contract was 10B at 155 West 11th Street, asking $10.5 million. The condo has 2,398 square feet including 3 bedrooms and 3.5 bathrooms. The living room opens onto a 24-foot-wide terrace with sweeping East and South city views. The apartment is in The Greenwich Lane, a 5-building complex comprised of 193 condos and 5 townhouses. Amenities include a concierge, doorman, parking, fitness center, a 25-meter swimming pool, golf simulator, garden, residents’ lounge, and children’s playroom. The seller bought the unit off of floorplans in 2014 and closed in November 2016 for $8,416,343.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 0 0 0 0 Avg.Ask:
0
Condos 0 0 0 5 Avg.Ask:
$8,031,198
Avg.$/sq.ft.:
$2,385/sq.ft.
Avg.Size:
3,367 sq.ft.
5
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 2 1 0 0 Avg.Ask:
$7,163,333
Avg.$/sq.ft.:
$1,312/sq.ft.
Avg.Size:
5,461 sq.ft.
3
TOTALS 2 1 0 5 . 8


*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 5 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
August 15-21, 2022
Total Weekly Asking Price Sales Volume: $61,645,990

Average Asking Price: $7,705,749

Median Asking Price: $6,747,500

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

Average Days on Market: 457









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