OLSHAN LUXURY MARKET REPORT
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
January 16-22, 2023

17 Contracts Signed

Seventeen contracts were signed last week in Manhattan at $4 million and above, one fewer than the previous week. Condos outsold co-ops, 12-3, with 2 townhouses in the mix.

Stat Geek Alert: Eight contracts were signed on asking prices north of $10 million, marking the biggest trophy week since April 4-10, 2022, when 10 contracts were signed.

The No. 1 contract was 114 at 217 West 57th Street, a sponsor unit asking $63.5 million. The unit refers to the 114th floor but is really the 76th floor. The building has 98 stories, but the sponsor inflated the floor numbers for marketing purposes. The unit has 7,074 square feet that includes 5 bedrooms, 5.5 bathrooms, and a 31’ x 50’ living room with windows on 3 sides that offer sweeping views of Central Park and the city. A master bedroom suite with a gigantic bathroom and sitting room occupies the entire west wing of the apartment. It 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 that includes a ballroom, bar, dining facilities, and a cigar lounge. A similar sponsor unit on the 115th floor closed in July for $43,896,500. Since January 2022, 42 units have closed in Central Park Tower averaging $5,194/sq.ft. with an average size of 2,943 sq.ft.

The No. 2 contract was the 9th floor at 944 Fifth Avenue, asking $24.5 million; it was listed at the beginning of December. The co-op has 3 bedrooms, 5.5 bathrooms, and a library. The unit features 10.5-foot ceilings and large picture windows with views of Central Park from the living room, library, and master bedroom. It also has 2 fireplaces and central air conditioning. The monthly maintenance is $19,283, and the co-op allows 33% mortgage financing. Amenities include a doorman, storage, and a gym.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 3 0 0 0 Avg.Ask:
$14,741,667
3
Condos 0 4 3 5 Avg.Ask:
$11,495,417
Avg.$/sq.ft.:
$3,873/sq.ft.
Avg.Size:
2,968 sq.ft.
12
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 1 0 0 1 Avg.Ask:
$10,550,000
Avg.$/sq.ft.:
$1,364/sq.ft.
Avg.Size:
7,735 sq.ft.
2
TOTALS 4 4 3 6 . 17


*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 15 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

Donna Olshan
President
dso@olshan.com
Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com