LUXURY MARKET REPORT 2020


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
January 13-19, 2020

15 Contracts Signed

Fifteen contracts were signed last week at $4 million and above, 4 more than the previous week---but still another lackluster performance in the luxury market since the start of the New Year.

The No.1 contract was 50C at 157 West 57th Street, asking $16.5 million, reduced from $21 million when it was listed in October 2018. The seller purchased the unit from the sponsor for $19.35 million in April 2015. The apartment has 3,466 square feet including 4 bedrooms and 4.5 bathrooms. A 43-foot corner living room and master suite face Central Park. 157 West 57th Street 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 that has a separate entrance for its 210 rooms. Amenities include use of hotel services, fitness center, pool, private dining, a library lounge, performance space, and a garage.

The No. 2 contract was 11S at 88 Central Park West, asking $13.495 million; it was listed in September. The apartment has 3 bedrooms and 3 bathrooms. The living room, music room, and library span almost 50 feet facing Central Park. The seller paid $11.225 million in August 2011. Monthly maintenance is $10,360. The 28-unit co-op was built in 1910, and features period details and ceilings close to 11 feet. Building amenities include a doorman and storage.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 4 1 0 1 Avg.Ask:
$8,035,000
6
Condos 1 2 1 3 Avg.Ask:
$8,489,286

Avg.$/sq.ft.:
$2,738/sq.ft.

Avg.Size:
3,100 sq.ft.
7
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 1 0 1 Avg.Ask:
$9,350,000

Avg.$/sq.ft.:
$1,646/sq.ft..

Avg.Size:
5,680 sq.ft.
2
TOTALS 5 4 1 5 15
Total Weekly Asking Price Sales Volume: $126,334,999
Average Asking Price: $8,422,333
Median Asking Price: $6,950,000
Average Discount from Original Ask to Last Asking Price: 17%
Average Days on Market: 591
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 13 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 2 CONTRACTS SIGNED ON TOWNHOUSES


Donna Olshan
President
dso@olshan.com

Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com

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Donna Olshan and Olshan Realty
All Rights Reserved




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