Thirty-two contracts were signed last week in Manhattan at $4 million and above, the same as the previous week. Condos outsold co-ops, 21-11.
Stat Geek Alert: It was the largest number of co-op sales since the week of April 25-May 1, 2022, when 13 co-op contracts were signed. The average days on the market for a co-op last week was 306. The average co-op price was reduced by 10% before a contract was signed, consistent with the data for the rest of the market.
The No. 1 contract was PH35A at 500 West 18th Street, asking $30 million, reduced from $34 million when the building started marketing in 2018. The unit has 5,783 square feet including 5 bedrooms and 5.5 bathrooms, and features a 48’ x 28’ great room that opens onto a 322-square-foot loggia. It is in a condo called One Highline, formerly known as the XI, a project with 2 buildings (a condo and a hotel) that landed in a $1 billion-plus foreclosure in 2021. Amenities include a fitness center, 75-foot lap pool, spa-treatment rooms, a golf simulator, children''s playroom, private dining, a games lounge, and a garage. Services are offered from the adjacent Faena Hotel, which is part of the re-branded project.
The No. 2 contract was 10/11C at 740 Park Avenue, asking $23.75 million, reduced from $26 million when it was listed last August. The duplex co-op has 4 bedrooms and 5.5 bathrooms. It has 11.5-foot ceilings and features a 20’ x 36’ living room with a fireplace that opens onto a library, also with a fireplace. Our records show that the seller paid just over $7 million for the unit in 1995. The co-op does not allow mortgage financing and is known for its large apartments and famous, wealthy residents; it was the subject of a book published in 2005 called 740 Park by Michael Gross. Amenities include a doorman, gym, and storage.
. | EAST SIDE | WEST SIDE | MIDTOWN | DOWNTOWN | Asking $/sq.ft. | Totals |
---|---|---|---|---|---|---|
Co-ops | 4 | 3 | 1 | 3 | Avg.Ask: $9,798,636 |
11 |
Condos | 6 | 4 | 3 | 8 | Avg.Ask: $7,870,810 Avg.$/sq.ft.: $2,931/sq.ft. Avg.Size: 2,685 sq.ft. |
21 |
Condop* | 0 | 0 | 0 | 0 | Avg.Ask: Avg.$/sq.ft.: Avg.Size: |
0 |
Townhouses | 0 | 0 | 0 | 0 | Avg.Ask: Avg.$/sq.ft.: Avg.Size: |
0 |
TOTALS | 10 | 7 | 4 | 11 | . | 32 |
CLICK HERE TO VIEW 32 CONTRACTS SIGNED ON APARTMENTS CLICK HERE TO VIEW PAGE 2 OF 32 CONTRACTS SIGNED ON APARTMENTS
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Donna Olshan, President |
Emily Chen, Private Wealth Real Estate Services
|
Donna Olshan President dso@olshan.com |
Emily Chen Private Wealth Real Estate Services Chief of Research ecc@olshan.com |