Fair Housing Notice

OLSHAN LUXURY MARKET REPORT
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
August 12-18, 2024

20 Contracts Signed

Twenty contracts were signed last week in Manhattan at $4 million and above, one fewer than the previous week. Condos clobbered co-ops, 17-1, with 2 townhouses in the mix.

The No. 1 contract was DPH42 at 50 United Nations Plaza, asking $39,950,000, reduced from $70,000,000 when the building started marketing off floorplans in October 2013. This duplex penthouse condo has 9,704 square feet including 4 bedrooms, 2 staff rooms, 7.5 bathrooms, and 12-foot-plus ceilings. Downstairs on the 42nd floor is a 75-foot living room and dining room overlooking the East River with a 525-foot terrace off the living room and a 3rd bedroom. Upstairs on the 43rd floor is a master bedroom suite and a spectacular, much-publicized 33-foot swimming pool. Monthly common charges and real estate taxes total $47,004.

The apartment is in an 88-unit condo building designed by Foster+Partners, home of Sir Norman Foster, the Pritzker Prize-winning architect. Amenities include a 75-foot swimming pool, fitness center, children’s playroom, storage, conference facilities, a motor court, garage and valet parking.

The No. 2 contract was 31 at 111 West 57th Street, asking $14,000,000, reduced from $17,000,000 when the building started marketing off floorplans in June 2016. This full-floor condo has 4,492 square feet including 3 bedrooms, 3.5 bathrooms, a 37-foot great room, and a 3rd bedroom that faces Central Park.

This is the 8th time that 111 West 57th Street has appeared in this report this year. Thirty-three out of the 60-units have closed, averaging $4,197/sq.ft. The 82-story building rises 1,428 feet on the former site of the Steinway & Sons piano store. Amenities include a concierge, a fitness center, 82-foot pool, lounge, terrace, and a private dining room, plus a covered driveway.

Stat Geek Alert: One deal that caught my attention was No. 19 on the list. The price: $4.5 million. The size: 785 square feet. The price per square foot: a whopping $5,732/sq.ft.. The property was a one-bedroom, one-bathroom penthouse: PHE at 302 West 12th Street. Why the seemingly exorbitant price? The salient factors: an enviable location, a 480-square-foot wraparound terrace, a fireplace, and 12-foot ceilings. It went to contract in only 20 days on the market.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 0 0 0 1 Avg.Ask:
$4,500,000
1
Condos 2 2 3 10 Avg.Ask:
$8,671,229
Avg.$/sq.ft.:
$2,533/sq.ft.
Avg.Size:
3,424 sq.ft.
17
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 0 0 1 1 Avg.Ask:
$6,960,000
Avg.$/sq.ft.:
$1,351/sq.ft.
Avg.Size:
5,150 sq.ft.
2
TOTALS 2 2 4 12 . 20


*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 18 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
August 12-18, 2024
Total Weekly Asking Price Sales Volume: $165,830,890

Average Asking Price: $8,291,545

Median Asking Price: $5,500,000

Average Discount from Original Ask to Last Asking Price: 21%

Average Days on Market: 986









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

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