Fair Housing Notice

OLSHAN LUXURY MARKET REPORT
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
May 29-June 4, 2023

32 Contracts Signed

Thirty-two contracts were signed last week in Manhattan at $4 million and above, the same as the previous week. Condos outsold co-ops, 21-11.

Stat Geek Alert: It was the largest number of co-op sales since the week of April 25-May 1, 2022, when 13 co-op contracts were signed. The average days on the market for a co-op last week was 306. The average co-op price was reduced by 10% before a contract was signed, consistent with the data for the rest of the market.

The No. 1 contract was PH35A at 500 West 18th Street, asking $30 million, reduced from $34 million when the building started marketing in 2018. The unit has 5,783 square feet including 5 bedrooms and 5.5 bathrooms, and features a 48’ x 28’ great room that opens onto a 322-square-foot loggia. It is in a condo called One Highline, formerly known as the XI, a project with 2 buildings (a condo and a hotel) that landed in a $1 billion-plus foreclosure in 2021. Amenities include a fitness center, 75-foot lap pool, spa-treatment rooms, a golf simulator, children''s playroom, private dining, a games lounge, and a garage. Services are offered from the adjacent Faena Hotel, which is part of the re-branded project.

The No. 2 contract was 10/11C at 740 Park Avenue, asking $23.75 million, reduced from $26 million when it was listed last August. The duplex co-op has 4 bedrooms and 5.5 bathrooms. It has 11.5-foot ceilings and features a 20’ x 36’ living room with a fireplace that opens onto a library, also with a fireplace. Our records show that the seller paid just over $7 million for the unit in 1995. The co-op does not allow mortgage financing and is known for its large apartments and famous, wealthy residents; it was the subject of a book published in 2005 called 740 Park by Michael Gross. Amenities include a doorman, gym, and storage.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 4 3 1 3 Avg.Ask:
$9,798,636
11
Condos 6 4 3 8 Avg.Ask:
$7,870,810
Avg.$/sq.ft.:
$2,931/sq.ft.
Avg.Size:
2,685 sq.ft.
21
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
TOTALS 10 7 4 11 . 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 32 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 32 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 0 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
May 29-June 4, 2023
Total Weekly Asking Price Sales Volume: $273,072,000

Average Asking Price: $8,533,500

Median Asking Price: $6,287,500

Average Discount from Original Ask to Last Asking Price: 9%

Average Days on Market: 630









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

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