LUXURY MARKET REPORT 2019


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
June 3-9, 2019

20 Contracts Signed

Twenty contracts were signed last week at $4 million and above, the 7th straight week of 20 or more sales.

Stat Geek Alert No.1: Two weeks ago, only 1 co-op went to contract at $4 million and above. Last week, co-ops tied condos, 9 to 9, for the first time this year, a rare event in Manhattan’s luxury market. How rare? It hasn’t happened since the week of May 28, 2018, when co-ops tied condos, 10 to 10.

Stat Geek Alert No. 2: Co-ops haven’t outsold condos in the Manhattan luxury market since the week of June 17-23, 2013. You read that right! It hasn’t happened in almost 6 years when the score was 13 co-ops to 12 condos.

The No. 1 contract was a townhouse at 12 East 81Street, asking $25 million, which had been listed since September. This 5-story, 20-foot-wide brick house has 6,840 square feet including 6 bedrooms, 6.5 bathrooms, a garden off the kitchen, 2 south facing terraces, and an elevator. Annual real estate taxes total $124,927. The seller paid $19.6 million in 2010.

The No. 2 contract was 3C at 145 Central Park West, asking $16.75 million, reduced from $20 million when it went on the market in October. This co-op has 4 bedrooms and 5.5 bathrooms. The corner 32-foot living room, library, and formal dining room face Central Park. It is in the San Remo, a co-op known for its celebrity residents, including Steven Spielberg and Steve Martin.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 6 0 2 Avg.Ask:
$8,412,778
9
Condos 0 1 1 7 Avg.Ask:
$5,989,333

Avg.$/sq.ft.:
$2,422/sq.ft.

Avg.Size:
2,473 sq.ft.
9
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 0 0 1 Avg.Ask:
$15,497,500

Avg.$/sq.ft.:
$2,836/sq.ft..

Avg.Size:
5,465 sq.ft.
2
TOTALS 2 7 1 10 20
Total Weekly Asking Price Sales Volume: $160,614,000
Average Asking Price: $8,030,700
Median Asking Price: $6,550,000
Average Discount from Original Ask to Last Asking Price: 5%
Average Days on Market: 260
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 18 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
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