LUXURY MARKET REPORT 2019


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
August 12-18, 2019

19 Contracts Signed

Nineteen contracts were signed last week at $4 million and above, the highest total since the last week in June, when a wave of 25 contracts was signed. At that point, many last-minute buyers were rushing to skirt the increase in the New York State Mansion tax on July 1.

Stat Geek Alert I: In a highly unusual occurrence, the top 4 sales were all townhouses.

Stat Geek Alert II: A total of 5 townhouses made last week’s list, and altogether they were reduced on average by 39% from their original asking price before a contract was negotiated. What’s more, they spent an average of 1,036 days on the market.

The No. 1 contract was a townhouse at 141 West 11th Street, asking $21.85 million, reduced from $26.5 million when it went on the market in March 2015. The 6-floor, 22.75-foot-wide townhouse has 7,357 square feet including 5 bedrooms, 5 bathrooms, 3 powder rooms, and an elevator; it also includes a garden and rooftop terrace totaling 1,197 square feet. The house went to contract in May of 2018, but the then-buyer failed to close so it went back on the market a year later. It is part of the Greenwich Lane, an elegantly designed condo complex comprised of 5 buildings with 193 units and 5 townhouses. The townhouse has use of the condo’s amenities that include concierge, doorman, fitness center, a 25-meter pool, children’s room, and garage. The sponsor, Rudin Management and Global Holdings, have sold all of the units except for one townhouse at 133 West 11th Street, which they rented on August 1; it was asking $75,000 per month.

The No. 2 contract was a townhouse at 23 Perry Street, asking $15.995 million when it was listed in April. This 4-story, 19-foot-wide brick house was renovated in 2014 and has 4,570 square feet including 4 bedrooms, 3 bathrooms, a finished basement with a gym and wine room, an elevator, and 4 gas fireplaces. It has a landscaped garden, and a terrace off the top-floor master suite. The seller purchased the house for $11.65 million in January 2011.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 1 0 2 Avg.Ask:
$6,999,000
5
Condos 1 2 3 2 Avg.Ask:
$6,345,625

Avg.$/sq.ft.:
$2,200/sq.ft.

Avg.Size:
2,885 sq.ft.
8
Condops * 0 0 0 1 Avg.Ask:
$5,475,000

Avg.$/sq.ft.:
$2,672/sq.ft.

Avg.Size:
2,049 sq.ft.
1
Townhouses 2 1 0 2 Avg.Ask:
$14,129,000

Avg.$/sq.ft.:
$1,824/sq.ft..

Avg.Size:
7,746 sq.ft.
5
TOTALS 5 4 3 7 19
Total Weekly Asking Price Sales Volume: $161,900,000
Average Asking Price: $8,521,053
Median Asking Price: $6,950,000
Average Discount from Original Ask to Last Asking Price: 25%
Average Days on Market: 619
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 14 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 5 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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