Fair Housing Notice

OLSHAN LUXURY MARKET REPORT
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
May 20-26, 2024

30 Contracts Signed

Thirty contracts were signed last week in Manhattan at $4 million and above, the same total as the previous week. Condos outsold co-ops, 19-9, and 2 townhouses were in the mix.

Stat Geek Alert I: The 30-contract total beats the 10-year average of 27 contracts for the week preceding Memorial Day.

Stat Geek Alert II: 12 out of the 19 condo contracts were sponsor deals. These deals were reduced on average by 16% after sitting on the market an average of 1,484 days.

The No. 1 contract was a townhouse at 53 East 77th Street, asking $26 million; it was listed in October. This 34-foot-wide, 6-story Georgian house is commercially zoned and has 14,500 square feet. Previous owners of the house have included publisher Funk &Wagnalls to Cello, a sound-system business. The current sellers are antique furniture dealers who purchased the house for $17,350,000 in 2007. Annual real estate taxes total $397,341.

The No. 2 contract was 15/16 at 515 Park Avenue, asking $25 million; it has been on and off the market since 2018, starting as high as $39.5 million. The duplex condo has 6,514 square feet including 6 bedrooms, 4 bathrooms, and 2 powder rooms. The sale also included a wine cellar and 3H, a studio apartment. The 15th floor entertaining space features a 29’ x 29’ living room with a fireplace, formal dining room, breakfast room, library/billiards room--all surrounded by a terrace overlooking Park Avenue. Upstairs is a 30-foot master bedroom, 4 other bedrooms, and a media/theater room. The sellers paid $21 million in 2006. Amenities in the building include a doorman and gym.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 4 2 2 1 Avg.Ask:
$5,063,333
9
Condos 3 3 6 7 Avg.Ask:
$9,769,211
Avg.$/sq.ft.:
$3,144/sq.ft.
Avg.Size:
3,107 sq.ft.
19
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 1 0 0 1 Avg.Ask:
$20,400,000
Avg.$/sq.ft.:
$1,722/sq.ft.
Avg.Size:
11,512 sq.ft.
2
TOTALS 8 5 8 9 . 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 28 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 28 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 2 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 20-26, 2024
Total Weekly Asking Price Sales Volume: $276,845,000

Average Asking Price: $9,228,167

Median Asking Price: $6,097,500

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

Average Days on Market: 891









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

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