LUXURY MARKET REPORT 2019


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
September 2-8 2019

10 Contracts Signed

Ten contracts were signed last week at $4 million and above, the lowest post-Labor Day week total since 2012, when only 5 contracts were signed.

The No. 1 contract was 61B at 157 West 57th Street, asking $22 million. The seller paid $23,533,633 in June 2018 and relisted the unit in July 2019. The condo has 4,193 square feet including 3 bedrooms and 3.5 bathrooms. A 43’ x 30’ great room, master bedroom, and gallery have 11’10” ceilings and face Central Park. The building was designed by Pritzker Prize-winning architect Christian de Portzamparc, with interiors by Thomas Juul-Hansen. The 90-story, 90-unit condo was built above the 5-star Park Hyatt Hotel, and has a separate entrance for its 210 rooms. Amenities include a fitness center, pool, private dining, a library lounge, a performance space, and a garage.

The No. 2 contract was 4W at 555 West End Avenue, asking $8.4 million. The unit has 2,716 square feet including 4 bedrooms and 4.5 bathrooms. A 28-foot living room, eat-in kitchen, and master bedroom face north onto 87th Street, and has 12-foot ceilings. 555 West End is the former St. Agnes Boys High School that was converted into a 13-unit condo building. Amenities include a 24-hour-doorman, fitness center, a game room/recreation room, storage, and a bike room. It started marketing a year ago, and during that time has reported 2 contracts at asking prices averaging $3,130/sq.ft.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 0 0 0 0 Avg.Ask:
0
Condos 0 1 3 3 Avg.Ask:
$7,520,000

Avg.$/sq.ft.:
$2,894/sq.ft.

Avg.Size:
2,599 sq.ft.
7
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 2 0 1 Avg.Ask:
$5,341,667

Avg.$/sq.ft.:
$1,271/sq.ft..

Avg.Size:
4,203 sq.ft.
3
TOTALS 0 3 3 4 10
Total Weekly Asking Price Sales Volume: $68,665,000
Average Asking Price: $6,886,500
Median Asking Price: $4,725,000
Average Discount from Original Ask to Last Asking Price: 7%
Average Days on Market: 667
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 7 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 3 CONTRACTS SIGNED ON TOWNHOUSES

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