Fair Housing Notice

OLSHAN LUXURY MARKET REPORT
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
February 27-March 5, 2023

31 Contracts Signed

Thirty-one contracts were signed in Manhattan last week at $4 million and above, 8 more than the previous week. It was the second time this year that more than 30 contracts were signed. Condos outsold co-ops, 19-10, with 1 condop and 1 townhouse in the mix.

Stat Geek Alert: Last week the negotiability was 12% and the previous week was 10%. (The negotiability stat in this report is the difference between the original asking price and the last asking price before a property goes into contract.) Year-to-date, discounts are averaging 8%. To give perspective, 2022 averaged 5% and in 2021, a record year in Manhattan’s luxury real estate market, discounts averaged 9%.

The No. 1 contract was the 64th floor at 230 West 56th Street, asking $14.5 million. This Park Imperial condo has been on and off the market since 2015, starting as high as $39 million and cycling through 3 brokerage firms. The full-floor unit has 7,963 square feet including 6 bedrooms, 6.5 bathrooms, and extraordinary views in all directions. The entertaining space is comprised of a corner 36-foot living room, kitchen, formal dining room, sitting and media room that span almost 100 feet across Central Park. Amenities include doormen, fitness center, conference facilities, residents’ lounge, and terrace.

The No. 2 contract was 3D at 50 West 66th Street, asking $12.025 million, raised from $10.75 million when the condo started marketing off of floorplans last summer. It has 3,889 square feet including 5 bedrooms and 5.5 bathrooms. A living room and family room open onto an 18’ x 49’ terrace. Amenities include doormen, a fitness center, indoor lap pool, an outdoor saltwater pool and jacuzzi, basketball and pickleball courts, screening room, game room, bike room, and dog-washing facility



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 4 0 1 5 Avg.Ask:
$6,013,900
10
Condos 1 6 1 11 Avg.Ask:
$7,919,684
Avg.$/sq.ft.:
$2,486/sq.ft.
Avg.Size:
3,185 sq.ft.
19
Condop* 0 0 0 1 Avg.Ask:
$6,470,000
Avg.$/sq.ft.:
$3,147/sq.ft.
Avg.Size:
2,056 sq.ft.
1
Townhouses 1 0 0 0 Avg.Ask:
$11,500,000
Avg.$/sq.ft.:
$1,546/sq.ft.
Avg.Size:
7,437 sq.ft.
1
TOTALS 6 6 2 17 . 31


*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 30 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 30 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 1 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 27-March 5, 2023
Total Weekly Asking Price Sales Volume: $228,583,000

Average Asking Price: $7,373,645

Median Asking Price: $6,470,000

Average Discount from Original Ask to Last Asking Price: 12%

Average Days on Market: 495









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

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