Fair Housing Notice

LUXURY MARKET REPORT 2022
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
December 5-11, 2022

21 Contracts Signed

Twenty-one contracts were signed last week at $4 million and above, 7 more than the previous week. Condos outsold co-ops, 14-3, and 4 townhouses were in the mix.

Stat Geek Alert: You’d think that co-op apartments would be bigger sellers than townhouses in Manhattan. Afterall, there are thousands upon thousands more co-ops than townhouses. But get this: In the last 3 weeks, townhouses have outsold co-ops, 7-4.

The No. 1 contract was a townhouse at 276 West 11th Street, asking $16.995 million; it was listed in September. This 25-foot-wide, 3-story red brick house has 5,217 square feet, and has been divided into five 1-bedroom apartments. The listing broker, Velvet Abashian, said that the same family has owned the property since 1924, and she handled the rentals in the building for the last 30 years. Abashian said numerous developers considered purchasing the house, but ultimately a buyer from England swooped in and bought the townhouse, planning to turn it into a single-family home. Annual real estate taxes are $68,526.

The No. 2 contract was 41AB at 23 East 22nd Street, asking $12.75 million; it was listed in March. The condo has 3,310 square feet including 4 bedrooms and 4 bathrooms, 11-foot ceilings, and views of Madison Square Park, the city, and the Hudson River. Amenities in the building, known as One Madison, feature a fitness room, pool, lounge, children’s playroom, and screening room.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 1 1 0 1 Avg.Ask:
$7,813,333
3
Condos 2 1 3 8 Avg.Ask:
$7,739,286
Avg.$/sq.ft.:
$3,136/sq.ft.
Avg.Size:
2,468 sq.ft.
14
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 0 2 0 2 Avg.Ask:
$11,173,750
Avg.$/sq.ft.:
$4,767/sq.ft.
Avg.Size:
6,325 sq.ft.
4
TOTALS 3 4 3 11 . 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 17 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 4 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
December 5-11, 2022
Total Weekly Asking Price Sales Volume: $176,485,000

Average Asking Price: $8,404,048

Median Asking Price: $7,200,000

Average Discount from Original Ask to Last Asking Price: 7%

Average Days on Market: 428









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

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