Fair Housing Notice

OLSHAN LUXURY MARKET REPORT
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
June 26-July 2, 2023

29 Contracts Signed

Twenty-nine contracts were signed last week in Manhattan at $4 million and above, three fewer than the previous week. and snapping a 5-week streak of 30+ contracts. Condos outsold co-ops, 13-9, with 7 townhouses in the mix.

Stat Geek Alert: Despite last week’s busted streak, June 2023 will go down in the record books as the 2nd best June in the luxury market since we started keeping data in 2006. The strongest June was in the record-breaking year of 2021. The surge in luxury sales was fueled by the outstanding year-to-date performance of the stock market, thanks to the Nasdaq’s almost 32% increase—its best first half in 40 years---and a 16.4% rise in the S&P500.

The No. 1 contract was PH at 180 East 88th Street, asking $29 million, raised from the original asking price of $28 million when the unit was offered off of floorplans in 2017. In 2022, the sponsor raised the price to $33 million, and then in January 2023 lowered it to $29 million. This dramatic condo triplex penthouse has 5,508 square feet including 5 bedrooms, 4 bathrooms, and 2 powder rooms. It has terraces on 3 levels totaling 3,501 square feet. Ceiling heights range from 13.5 feet to 28 feet, highlighting spectacular Central Park, river, and city views in all directions. Other features: a sculptural staircase, loggias with tall archways, and an internal elevator. Amenities in this 47-unit condo include doormen, a fitness center, a basketball court, playroom, game room, a residents'' lounge with catering kitchen, and storage.

The No. 2 contract was 60E at 217 West 57th Street, a sponsor unit asking $22.1 million. The unit refers to the 60th floor but is really the 35h floor. The building has 98 stories, but the sponsor inflated the floor numbers for marketing purposes. The apartment has almost 11-foot high ceilings and 3,364 square feet that includes 3 bedrooms and 3.5 bathrooms; it has views of Central Park from the corner living room. The unit is in Central Park Tower, a 1,550-foot-tall skyscraper with 179 units that started marketing in 2018 as the world’s tallest residential building. Over 50,000 square feet of amenities include indoor and outdoor pools, a fitness center, a children’s playroom, and a club room on the 100th floor (which is actually the 68th floor) that includes a ballroom, bar, dining facilities, and a cigar lounge.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 6 2 0 1 Avg.Ask:
$5,823,889
9
Condos 1 2 3 7 Avg.Ask:
$11,381,250
Avg.$/sq.ft.:
$3,762/sq.ft.
Avg.Size:
3,026 sq.ft.
13
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 1 5 0 1 Avg.Ask:
$6,459,857
Avg.$/sq.ft.:
$1,205/sq.ft.
Avg.Size:
5,359 sq.ft.
7
TOTALS 8 9 3 9 . 29


*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 22 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 7 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
June 26-July 2, 2023
Total Weekly Asking Price Sales Volume: $239,309,000

Average Asking Price: $8,252,034

Median Asking Price: $6,499,000

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

Average Days on Market: 488









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