LUXURY MARKET REPORT 2019


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
October 7-13, 2019

11 Contracts Signed

Only 11 contracts were signed last week in Manhattan at $4 million and above, a typically slow week due to the Jewish High Holy Day of Yom Kippur. In a highly unusual event, co-ops outsold condos, 6-5.

Stat Geek Alert: Co-ops haven’t outsold condos in the Manhattan luxury market since the week of June 17-23, 2013. You read that right! Back then, the score was 13 co-ops to 12 condos.

The No. 1 contract was North 14A at 160 Leroy Street, asking $15.75 million, increased from $14.25 million when it was listed in 2016; at that time, it was marketed off of floorplans. The building, now completed, this 3,562-square foot unit has 5-bedrooms, 4.5 bathrooms, 12.5-foot high ceilings, and a 41-foot great room with a fireplace and views of the Hudson River. The 49-unit condo was designed as a spectacular undulating glass structure by the Pritzker Prize-winning architects Herzog & de Meuron. Amenities include a landscaped motor court, a doorman, concierge, parking, fitness center, pool, and children’s playroom.

The No. 2 contract was PH6D at 345 West 13th Street, asking $9.5 million when it was listed at the end of July. The duplex condo has 3,599 square feet including 4 bedrooms, 4 bathrooms, and 10.5’ ceilings. Downstairs is a 28-foot living room and 3 bedrooms. Upstairs is a 4th bedroom/den that opens onto a 14’ x 33’ terrace. The owner paid $6.4 million in 2010. Monthly common charges and taxes are $11,107. The 46-unit condo loft building has a doorman.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 3 0 1 Avg.Ask:
$5,369,000
6
Condos 0 0 1 4 Avg.Ask:
$9,056,600

Avg.$/sq.ft.:
$2,523/sq.ft.

Avg.Size:
3,589 sq.ft.
5
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:
.

Avg.Size:
0
TOTALS 2 3 1 5 11
Total Weekly Asking Price Sales Volume: $77,501,000
Average Asking Price: $7,045,545
Median Asking Price: $5,995,000
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 411
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 11 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 0 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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