Fair Housing Notice

LUXURY MARKET REPORT 2022
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
November 28-December 4, 2022

14 Contracts Signed

Fourteen contracts were signed last week at $4 million and above, 1 fewer than the previous Thanksgiving week. Condos outsold co-ops, 12-1, and 1 townhouse was in the mix. Despite the lackluster performance, there was impressive action at the top: 4 contracts were signed asking over $20 million.

Stat Geek Alert: For well over a decade now, the co-op market has underperformed the condo market, and this alarming stat drives home the point: Only 1 co-op has gone to contract in Manhattan at $4 million and above in the last 2 weeks.

The No. 1 contract was a combination of two apartments sold off of floorplans: 47S and 47N at 50 West 66th Street, asking a total of $45.5 million. The condo has 6,965 square feet including 5 bedrooms and 5.5 bathrooms, an office, home theater, and a 24’ x 23’ eat-in kitchen. It features a 54-foot great room flanked by 2 loggias that showcases dramatic Central Park views. Ceiling heights range from 13 to 14 feet. Amenities include a fitness center, indoor and outdoor swimming pools, basketball and squash courts, bowling alley, a screening room, game room, a bike room, and dog-washing facility. The unit was bought by a New Yorker.

The No. 2 contract was 58B at 157 West 57th Street, asking $24.8 million; it was listed in July. The condo has 4,193 square feet including 3 bedrooms and 3.5 bathrooms. A 30’ x 43’ great room and the master bedroom have views of 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, which has a separate entrance for its 210 rooms. Amenities include use of hotel services, a fitness center, pool, private dining, a library lounge, performance space, and a garage. The seller paid $24,944,238 at the end of September 2015.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 0 0 0 1 Avg.Ask:
$5,000,000
1
Condos 1 2 2 7 Avg.Ask:
$14,009,167
Avg.$/sq.ft.:
$3,993/sq.ft.
Avg.Size:
3,508 sq.ft.
12
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 0 1 0 0 Avg.Ask:
$9,000,000
Avg.$/sq.ft.:
$1,298/sq.ft.
Avg.Size:
6,936 sq.ft.
1
TOTALS 1 3 2 8 . 14


*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 13 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 1 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
November 28-December 4, 2022
Total Weekly Asking Price Sales Volume: $182,110,000

Average Asking Price: $13,007,857

Median Asking Price: $7,300,000

Average Discount from Original Ask to Last Asking Price: 1%

Average Days on Market: 324









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