Fair Housing Notice

OLSHAN LUXURY MARKET REPORT
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
January 2-8, 2023

15 Contracts Signed

Fifteen contracts were signed last week in Manhattan at $4 million, 2 more than the previous week. It was a lackluster total in a shortened post-New Year’s Day week, as condos outsold co-ops, 11-2, with 2 townhouses in the mix.

Stat Geek Alert: Eight out of the 13 apartment contracts were inked by developers including 3 units at Central Park Tower, 217 West 57th Street, where the sponsor, Extell, is offering an aggressive incentive of 5% commission to buyers’ agents.

The No. 1 contract was PH53 at 56 Leonard Street, asking $30 million. The condo encompasses a full floor with 6,400 square feet including 4 bedrooms and 4.5 bathrooms, plus 2 terraces totaling 1,708 square feet. The unit has captivating 360-degree views and 14-foot ceilings. It is the 3rd sale of PH53 in 6 years: The seller purchased the unit in 2019 for $25 million, and in 2017 it closed for $29,082,693, 4 years after a contract was inked off floorplans.

56 Leonard is a 60-story, 145-unit condo designed like a glass obelisk by Pritzker Prize-winning architects Herzog & de Meuron. It has 17,000 square feet of amenities including a 75-foot pool, indoor/outdoor theaters, landscaped sundeck, fitness center, sauna, lounge, and a children’s playroom.

The No. 2 contract was a townhouse at 271 West 11th Street, asking $29.995 million. It has been on and off the market since 2017, cycling through 3 brokerage firms and starting as high as $34.5 million. The 5-story, 25-foot-wide house has a 112-foot-deep garden, unusually large for a Village townhouse where a typical lot runs 95 to 100 feet deep. The house is divided into 12 units: 5 studios, 4 one-bedrooms, and 3 two-bedrooms (none of which are rent-controlled or rent-stabilized). Annual real estate taxes are $160,194. Its claim to fame is that it is next door to the 14,400-square-foot mansion that is comprised of 2 townhouses, which were purchased for $34.5 million in 2016 by Sarah Jessica Parker and Mathew Broderick.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 1 1 0 0 Avg.Ask:
$5,497,500
2
Condos 4 0 4 3 Avg.Ask:
$11,228,727
Avg.$/sq.ft.:
$3,874/sq.ft.
Avg.Size:
2,898 sq.ft.
11
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 0 1 0 1 Avg.Ask:
$17,097,500
Avg.$/sq.ft.:
$2,573/sq.ft.
Avg.Size:
6,644 sq.ft.
2
TOTALS 5 2 4 4 . 15


*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 13 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
January 2-8, 2023
Total Weekly Asking Price Sales Volume: $168,706,000

Average Asking Price: $11,247,067

Median Asking Price: $6,750,000

Average Discount from Original Ask to Last Asking Price: 4%

Average Days on Market: 648









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