Fair Housing Notice

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

26 Contracts Signed

Twenty-six contracts were signed last week in Manhattan at $4 million and above, 10 more than the previous week. Condos outsold co-ops, 15-8, and 3 townhouses in the West Village were in the mix.

Stat Geek Alert: The last time Christmas landed on Sunday was in 2016, when 17 contracts were signed. Those 26 contracts signed last week marked the 2nd best Christmas-week performance in the last 10 years. The record was set last year, when 42 contracts were signed, the highest Christmas-week total since we started keeping track in 2006. The 10-year Christmas-week average is 16 contracts.

Stat Geek Alert 2: One reason for last week’s Santa Claus rally: The average drop in price (from the original to the last asking price) among the 26 contracts signed was….20%. You read that right!!!

There was a tie for the top spot between a West Village townhouse and a Fifth Avenue co-op---both asking $25 million.

The townhouse was at 252 West 12th Street. The 21-foot-wide, 4-story house has 4,875 square feet including 5 bedrooms and 4.5 bathrooms. The ground floor features a bedroom, gym, and a family room that opens onto a garden. The 3rd floor encompasses a master suite, and the roof has a terrace. The house has been renovated but doesn’t have an elevator. This is the 3rd time it has traded in the last 5 years. It sold twice for $19 million in 2017, and then again in 2019, when the current sellers purchased the home from Aileen Getty.

The other No. 1 contract was 9/10C at 1040 Fifth Avenue, asking $25 million, reduced from $32 million when it started on the market at the end of April 2021. The prewar, duplex co-op has 14 rooms including 4 bedrooms, 6.5 bathrooms, 3 staff rooms, and 4 fireplaces. The downstairs living room, formal dining room, and library face Central Park. Upstairs, the master bedroom with a dressing room and 2 other bedrooms face Central Park. The unit needs to be completely renovated, and the co-op board does not allow mortgage financing. Amenities include doormen, elevator operators, and storage.

The No. 2 contract was 8501 at 35 Hudson Yards, asking $16,595,000, reduced from $27.5 million when the condo started marketing in April 2019 off of floorplans. Now finished, the unit has 4,621 square feet including 5 bedrooms and 5.5 bathrooms with Hudson River views and 10’-10” ceilings. Amenities include a doorman, fitness center, yoga studio, golf simulator, screening room, dining room, and a residents’ lounge with a terrace. The unit was purchased by a New Yorker.

Happy Holidays and Happy New Year to All!



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 4 2 1 1 Avg.Ask:
$8,686,250
8
Condos 3 0 1 11 Avg.Ask:
$7,661,333
Avg.$/sq.ft.:
$2,566/sq.ft.
Avg.Size:
2,985 sq.ft.
15
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 0 0 0 3 Avg.Ask:
$13,468,667
Avg.$/sq.ft.:
$3,661/sq.ft.
Avg.Size:
3,678 sq.ft.
3
TOTALS 7 2 2 15 . 26


*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 23 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

© 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 19-25, 2022
Total Weekly Asking Price Sales Volume: $224,810,000

Average Asking Price: $8,646,538

Median Asking Price: $6,875,000

Average Discount from Original Ask to Last Asking Price: 20%

Average Days on Market: 801









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

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