LUXURY MARKET REPORT 2022
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
June 20-26, 2022

20 Contracts Signed

Twenty contracts were signed last week in Manhattan at $4 million and above, 8 more than the previous week. Condos outsold co-ops, 13 to 4, and 3 townhouses were in the mix.

Stat Geek Alert: The bounce back this week is encouraging, as this report has always considered a weekly total of 20+ contracts signed as the benchmark of a stable market. The housing frenzy at the start of 2021 thru early May averaged 30+ contracts per week, but those flush days are likely now over due to a bearish stock market, a rise in interest rates, inflation, and war.

The No. 1 contract was 10B at 1060 Fifth Avenue, asking $20 million; it has been on and off the market since 2016, starting at $65 million and cycling thru 4 brokerage firms. This 13-room co-op has 7 bedrooms and 5 bathrooms. A corner living room with 11-foot ceilings, a library, and formal dining room---all with wood-burning fireplaces---face Central Park and the reservoir. The building allows 50% mortgage financing and amenities include a state-of-the art gym with a lap pool, half-court basketball court, and a golf simulator.

The No. 2 contract was PHA at 360 Central Park West, asking $16.495 million; it was listed in the middle of May by the sponsor/developer. This prewar duplex condo has 4,354 square feet including 4 bedrooms and 5 bathrooms, and has Central Park and reservoir views from all the rooms. The 26-foot living room, 35-foot dining room and kitchen are surrounded by a 1,065-square foot terrace. The kitchen is outfitted with Christopher Peacock cabinetry, and the bathrooms are marble with Waterworks fixtures. The unit is still under construction, and is expected to be completed in September. Amenities include a doorman, fitness center, children’s playroom, and storage.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 1 1 2 0 Avg.Ask:
$10,733,750
4
Condos 3 2 2 6 Avg.Ask:
$7,201,923
Avg.$/sq.ft.:
$2,527/sq.ft.
Avg.Size:
2,850 sq.ft.
13
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 0 1 1 1 Avg.Ask:
$6,383,333
Avg.$/sq.ft.:
$1,257/sq.ft.
Avg.Size:
5,079 sq.ft.
3
TOTALS 4 4 5 7 . 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 17 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

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