Fair Housing Notice

OLSHAN LUXURY MARKET REPORT
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
February 6-12, 2023

25 Contracts Signed

Twenty-five contracts were signed last week in Manhattan at $4 million and above, 4 fewer than the previous week. Condos outsold co-ops, 16-5, with 2 condops and 2 townhouses in the mix.

Stat Geek Alert: It was the second week in a row that the luxury market registered more than 20 contracts. And for the 2nd week in a row, only 2 properties cracked the $10-million mark.

The No. 1 contract was the 12th floor at 778 Park Avenue, asking $27.9 million; it has been on and off the market since January 2021. The co-op has 5 bedrooms, 5 bathrooms, 2 powder rooms, and 4 staff rooms. The living room, library, and formal dining room---all with fireplaces--overlook Park Avenue. A master with a dressing room also faces Park Avenue. Two staff rooms are downstairs off the kitchen area and upstairs is another staff wing with 2 more bedrooms. Amenities in this 18-unit building include a doorman, storage, and resident manager. The co-op board does not allow mortgage financing, and renovations are only permitted from May 15-September 15. Our internal records show that the unit was purchased in 1993 for $8.9 million and renovated a year later by famed architect Peter Marino.

The No. 2 contract was PHB at 160 Wooster Street, signed at $14.5 million in an off-market deal with the buyer living in the building. The original floorplan is a duplex condo on the 6th and 7th floors with 3,205 square feet that includes 2 bedrooms, 2 bathrooms, and 2 powder rooms. The upper floor features a dramatic 49-foot great room with 20-foot-tall ceilings and a fireplace. It opens onto a 1,573-square-foot terrace, which also has a fireplace and views in all directions. Downstairs is a kitchen that opens onto family room; it also has 2 bedrooms including a master with a fireplace. The 15-unit building has a doorman, resident manager, roof terrace, and storage. The seller purchased the unit in 2007 for $6.4 million.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 1 1 0 3 Avg.Ask:
$9,758,000
5
Condos 5 3 1 7 Avg.Ask:
$6,219,375
Avg.$/sq.ft.:
$2,589/sq.ft.
Avg.Size:
2,403 sq.ft.
16
Condop* 0 0 0 2 Avg.Ask:
$6,745,000
Avg.$/sq.ft.:
$3,421/sq.ft.
Avg.Size:
1,972 sq.ft.
2
Townhouses 1 0 0 1 Avg.Ask:
$6,322,500
Avg.$/sq.ft.:
$1,404/sq.ft.
Avg.Size:
4,504 sq.ft.
2
TOTALS 7 4 1 13 . 25


*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 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
February 6-12, 2023
Total Weekly Asking Price Sales Volume: $174,435,000

Average Asking Price: $6,977,400

Median Asking Price: $5,625,000

Average Discount from Original Ask to Last Asking Price: 5%

Average Days on Market: 529









© 2024 Olshan Realty, Inc. | All Rights Reserved. | Established 1980
641 Lexington Avenue, Suite 2200, New York, NY 10022 | 212-751-3300 | Privacy Policy

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

. . . .