Fair Housing Notice

LUXURY MARKET REPORT 2021
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
June 7-13, 2021

36 Contracts Signed

Thirty-six contracts were signed last week at $4 million and above in Manhattan. Condos outsold co-ops, 28 to 6, with 2 townhouses in the mix.

Stat Geek Alert: Last week marked the 19th straight week of 30 or more contracts signed at $4 million and above, a record streak of deals that started in the first week of February. The previous record was registered in the April-May period of 2015, when the streak hit 6 weeks in a row. As you can see, we have shattered that previous record by a remarkable 13 weeks.

The No. 1 contract was the 86th floor at 157 West 57th Street, asking $39.8 million, reduced from $46 million when it was listed last July. The seller bought the unit for $47,366,990 in January 2015 with title held in an LLC affiliated with Pacific American Corp., a subsidiary of the bankrupt Chinese HNA Company. The co-founder of HNA, Wang Jian, one of the richest men in China, died mysteriously in France in July 2018. He was sightseeing in Provence when he fell off a cliff. Reuters reported last week that HNA creditors are now seeking $187 billion.

The 86th floor has 6,236 square feet including 4 bedrooms and 5 bathrooms, plus a powder room. It has a 58-foot great room with spectacular views of Central Park and both the Hudson and East Rivers. Monthly common charges and taxes are $25,227. 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, and 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 No. 2 contract was PH88A at 15 Hudson Yards, asking $29.5 million, reduced from $32 million when the building started marketing off of floorplans in October 2016. The duplex condo has 5,211 square feet including 4 bedrooms and 5.5 bathrooms. It features a dramatic 26-foot ceiling in the living room that showcases views of the Hudson River and the Statue of Liberty. The building has 285 units on 88 floors with amenities that include a concierge, fitness center, 75-foot pool, a children’s playroom, a ballroom and catering kitchen, and a residents’ lounge.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 2 3 0 1 Avg.Ask:
$5,973,333
6
Condos 8 4 3 13 Avg.Ask:
$9,905,214
Avg.$/sq.ft.:
$3,206/sq.ft.
Avg.Size:
3,090 sq.ft.
28
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 2 0 0 0 Avg.Ask:
$5,100,000
Avg.$/sq.ft.:
$1,659/sq.ft.
Avg.Size:
3,075 sq.ft.
2
TOTALS 12 7 3 14 . 36


*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 34 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 34 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 2 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
June 7-13, 2021
Total Weekly Asking Price Sales Volume: $323,335,980

Average Asking Price: $8,981,555

Median Asking Price: $6,245,000

Average Discount from Original Ask to Last Asking Price: 8%

Average Days on Market: 483









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