Fair Housing Notice

LUXURY MARKET REPORT 2021
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
July 19-25, 2021

39 Contracts Signed

Thirty-nine contracts were signed last week at $4 million and above in Manhattan, 6 more than the previous week. Once again, the luxury market’s dazzling performance mirrored a couple of trends: stubbornly-low interest rates and a soaring stock market, which registered new closing highs on July 24 on the Dow, the Nasdaq, and the S&P 500.

The No. 1 contract was PHA at 40 East End Avenue, asking $25,500,900. It is a sponsor unit and one of the top sales in the history of East End. The triplex penthouse has 5,949 square feet including 4 bedrooms, 4.5 bathrooms, and 1,866 square feet of outdoor space with a spectacular rooftop terrace, an outdoor kitchen, and 3 more terraces. The buyers were represented by Stephen Geller of Douglas Elliman. Crista Villella, who was part of the onsite sales team at Corcoran Sunshine, said: “The buyers started looking before Covid and came quite a few times. This didn’t happen overnight.”

40 East End was designed by Deborah Berke, dean of the Yale School of Architecture; it has 28 units on 18 floors. Amenities include a doorman, fitness center, game room, and a library/lounge.

The No. 2 contract was a townhouse at 116 East 70th Street, asking $23 million. This is the 4th time the house has traded since 2012, at prices ranging from $19 million to $31 million. The seller, developer David Edelstein, paid $19 million in 2016. The 5-story house has 6,500 square feet including 5 bedrooms, 4 bathrooms, 5 powder rooms, and an elevator. Its handsome façade features 2 floors of copper bay windows, and there is a landscaped south garden and terraces off the 2nd floor dining room and a 4th floor bedroom. The buyers are from New York.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 4 1 1 2 Avg.Ask:
$6,517,375
8
Condos 3 9 2 9 Avg.Ask:
$9,391,739
Avg.$/sq.ft.:
$3,065/sq.ft.
Avg.Size:
3,064 sq.ft.
23
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 5 1 1 1 Avg.Ask:
$13,616,750
Avg.$/sq.ft.:
$1,960/sq.ft.
Avg.Size:
6,948 sq.ft.
8
TOTALS 12 11 4 12 . 39


*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 31 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 8 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
July 19-25, 2021
Total Weekly Asking Price Sales Volume: $376,532,990

Average Asking Price: $9,654,692

Median Asking Price: $7,450,000

Average Discount from Original Ask to Last Asking Price: 9%

Average Days on Market: 665









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