Fair Housing Notice

OLSHAN LUXURY MARKET REPORT
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
March 25-31, 2024

30 Contracts Signed

Thirty contracts were signed last week in Manhattan at $4 million and above, 5 more than the previous week. Condos outsold co-ops, 17-10, and 3 townhouses were in the mix. The action skewed closer to the lower end of the luxury market with half of the properties at $5,500,000 and below.

Stat Geek Alert: The last 4 weeks totaled 123 contracts signed at $4 million and above compared to 130 contracts in 2023, 140 contracts in 2022, and 160 in the record-breaking 2021.

The No. 1 contract was a townhouse at 45 West 70th Street, asking $14,900,000, reduced from $19,550,000 when it was listed in October 2020 and then cycled through 5 brokerage firms. The 5-story, 20-foot-wide house has been renovated and includes 8,550 square feet including 5 bedrooms, 4 bathrooms, 2 powder rooms, and an elevator. The basement features a 33-foot lap pool, a gym, and a bedroom. A large kitchen on the ground floor opens onto a garden; the house also has a roof terrace. Annual real estate taxes total $98,182.

The No. 2 contract was the 8th floor at 1125 Fifth Avenue, asking $9,995,000, reduced from $13,500,000 when it was listed in April 2023. The full-floor co-op has 4 bedrooms, 5.5 bathrooms, and a library. A 28-foot living room with a fireplace and a 20-foot formal dining room overlook Central Park and the reservoir. A 23-foot master bedroom has a woodburning fireplace. The apartment needs to be renovated. Amenities in the building include a doorman, storage, and a gym. The co-op board does not allow more than $1.1 million in mortgage financing.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 3 2 1 4 Avg.Ask:
$5,568,500
10
Condos 2 4 5 6 Avg.Ask:
$6,323,235
Avg.$/sq.ft.:
$2,403/sq.ft.
Avg.Size:
2,631 sq.ft.
17
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 0 2 1 0 Avg.Ask:
$8,391,667
Avg.$/sq.ft.:
$1,155/sq.ft.
Avg.Size:
7,254 sq.ft.
3
TOTALS 5 8 7 10 . 30


*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 27 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 27 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 25-31, 2024
Total Weekly Asking Price Sales Volume: $188,355,000

Average Asking Price: $6,278,500

Median Asking Price: $5,625,000

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

Average Days on Market: 795









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