Fair Housing Notice

LUXURY MARKET REPORT 2021
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
September 13-19, 2021

38 Contracts Signed

Thirty-eight contracts were signed last week at $4 million and above, marking a return to the 30+ benchmark for the first time in 5 weeks. What makes this stat even more compelling was that it reached that level in the week of Yom Kippur, the holiest of Jewish holidays. Condos outsold co-ops, 31 to 3, and 4 townhouses were in the mix.

Stat Geek Alert: Last week was the 27th week that the Manhattan luxury market registered 30 or more contracts signed at $4 million and above. Year-to-date volume reached $11,162,979,930, coming close to the 2014 record volume of $11,256,284,299 for the entire year.

The No. 1 contract was PH74 at 53 West 53rd Street, asking $35.46 million, reduced from $38.9 million when it was listed in July 2015 and marketed off of floorplans. Now finished, the condo occupies the entire 74th floor, with 4,928 square feet including 2 bedrooms and 2.5 bathrooms. A 22’ x 39’ great room with 11-foot ceilings and windows on 3 sides showcases spectacular views of Central Park, the Hudson and East Rivers.

53 West 53rd Street was designed by Pritzker Prize-winning architect Jean Nouvel, with interiors by Thierry Despont. Amenities include a concierge, fitness center, 65-foot lap pool, golf simulator, wine room, library, theater, storage, and a children’s playroom.

The No. 2 contract was PHE at 601 Washington Street, asking $31.395 million. (PHW in the same building took this report’s No.1 slot in the week of September 6-12.) PHE benefited from the spillover traffic. Buyers from Australia purchased this quadruplex condo that features 7,475 square feet including 6 bedrooms, 2 great rooms, and 2 powder rooms, plus 2 landscaped terraces and a balcony that total 1,693 square feet. The lower level has 4 bedrooms and a great room with a balcony, and the middle floor has a large kitchen and great room wrapped by a terrace. Upstairs is a master suite, and the top floor houses another living room, bedroom, and terrace. The 4 floors are serviced by a private elevator.

Amenities in this new 9-story, 10-unit condo, designed by BKSK Architects, include a concierge, fitness room, rooftop terrace, and storage.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 1 0 2 0 Avg.Ask:
$9,416,333
3
Condos 4 3 1 23 Avg.Ask:
$8,713,419
Avg.$/sq.ft.:
$3,056/sq.ft.
Avg.Size:
2,851 sq.ft.
31
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 1 1 0 2 Avg.Ask:
$10,800,486
Avg.$/sq.ft.:
$1,942/sq.ft.
Avg.Size:
5,562 sq.ft.
4
TOTALS 6 4 3 25 . 38


*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 34 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 34 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 4 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



Source: Olshan Realty




QUICK STATS

for the week of
September 13-19, 2021
Total Weekly Asking Price Sales Volume: $341,565,000

Average Asking Price: $8,988,553

Median Asking Price: $6,132,500

Average Discount from Original Ask to Last Asking Price: 5%

Average Days on Market: 627









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