Fair Housing Notice

OLSHAN LUXURY MARKET REPORT
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
March 20-26, 2023

32 Contracts Signed

Thirty-two contracts were signed last week in Manhattan at $4 million and above, four more than the previous week. Condos outsold co-ops, 21-8, and 3 townhouses were in the mix.

Stat Geek Alert: According to our stats for last decade, the first quarter of 2023 is shaping up to yield a par-for-the-course performance, ranking No. 5 with 313 contracts signed in Manhattan at $4 million and above. It falls well below last year’s record-breaking first quarter of 416 contracts signed.

The No. 1 contract was a property comprised of 2 townhouses sold by the same owner at 15 and 17 East 77th Street, asking $32.5 million, reduced from $38 million when listed a year ago. Each house is 5 stories and 16.67-feet wide. Combined, they total 9,760 square feet. The interior of the houses is a shell in white-box condition, ready to be renovated. Real estate taxes total $221,430. The seller bought the houses between 2010 and 2012 for a total of $22.5 million.

The No. 2 contract was PH at 993 Fifth Avenue, asking $19.95 million, reduced from $39.5 million when it was listed at the end of June 2021. This duplex penthouse co-op has 12 rooms including 4 bedrooms and 4.5 bathrooms. The downstairs entertaining space features a 40-foot living room, gallery, and formal dining room—all opening onto a 51-foot terrace overlooking Central Park. Upstairs are 3 bedrooms surrounded by terraces. The unit needs to be completely renovated and many of the online web photos show an apartment that has been virtually staged. Amenities in the building include doormen, fitness center, and storage. The co-op board does not allow mortgage financing.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 6 1 0 1 Avg.Ask:
$8,186,875
8
Condos 3 4 4 10 Avg.Ask:
$7,046,190
Avg.$/sq.ft.:
$2,625/sq.ft.
Avg.Size:
2,685 sq.ft.
21
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 1 0 0 2 Avg.Ask:
$17,081,667
Avg.$/sq.ft.:
$2,661/sq.ft.
Avg.Size:
6,420 sq.ft.
3
TOTALS 10 5 4 13 . 32


*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 29 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 29 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
March 20-26, 2023
Total Weekly Asking Price Sales Volume: $264,709,999

Average Asking Price: $8,272,187

Median Asking Price: $6,072,500

Average Discount from Original Ask to Last Asking Price: 16%

Average Days on Market: 799









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

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