Fair Housing Notice

LUXURY MARKET REPORT 2022
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
September 19-25, 2022

16 Contracts Signed

Sixteen contracts were signed last week at $4 million and above in Manhattan, 4 fewer than the previous week. Condos outsold co-ops, 10 to 3, with 2 townhouses and 1 condop in the mix.

Stat Geek Alert: Historically, July and September are the worst months in the luxury market, and the 3rd quarter is typically the worst quarter of the year. Surprisingly, given rising interest rates and a tumbling stock market, this September has so far managed to ink 66 contracts in the last 4 weeks, a performance on a par with previous Septembers. Take a peek at these stats: 2019 was an outlier with only 51 deals, but 2018 had 68, 2017 had 65, and 2016 had 66.

The No. 1 contract was a townhouse at 182 East 64th Street, asking $10.95 million, reduced from $12 million when it was listed in December 2020. This 25-foot-wide house has 6,865 square feet and has been divided into 4 floor-thru apartments; it is being delivered vacant. Annual property taxes total $185,250. The seller is the estate of Jayne Wrightsman, a legendary philanthropist who lived at 820 Fifth Avenue and passed away in 2019.

The No. 2 contract was Unit 10 at 520 West 28th Street, asking $10 million, reduced from $13.5 million when it started marketing off of floorplans in 2015. The unit is on the 6th floor, and has 4,220 square feet including 4 bedrooms, 4.5 bathrooms, and a 246-square-foot balcony. It is in a new 11-story, 39-unit condo, designed by the late Iraqi-born architect Zaha Hadid, who passed away in 2016, and was the first woman to win the Pritzker Prize (2004). This was Hadid’s only residential commission in New York and employs a bold, contemporary design incorporating hand-crafted metal, glass-curtain walls, and curved balconies--all overlooking the High Line. Amenities include a 75-foot saline pool, a separate cold-plunge pool, spa and fitness facilities, and a garage that uses robotic technology instead of an attendant to park cars.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 1 1 0 1 Avg.Ask:
$6,626,667
3
Condos 0 1 0 9 Avg.Ask:
$6,604,599
Avg.$/sq.ft.:
$2,513/sq.ft.
Avg.Size:
2,629 sq.ft.
10
Condop* 1 0 0 0 Avg.Ask:
$4,250,000
Avg.$/sq.ft.:
$2,615/sq.ft.
Avg.Size:
1,625 sq.ft.
1
Townhouses 1 1 0 0 Avg.Ask:
$8,450,000
Avg.$/sq.ft.:
$1,546/sq.ft.
Avg.Size:
5,465 sq.ft.
2
TOTALS 3 3 0 10 . 16


*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 14 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

© 2024 Olshan Realty | All Rights Reserved.
This website, its content, and the Olshan Luxury Report is copyright of Olshan Realty.



Source: Olshan Realty




QUICK STATS

for the week of
September 19-25, 2022
Total Weekly Asking Price Sales Volume: $107,075,990

Average Asking Price: $6,692,249

Median Asking Price: $5,950,000

Average Discount from Original Ask to Last Asking Price: 15%

Average Days on Market: 783









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This website, its content, and the Olshan Luxury Report is copyright of Olshan Realty.