Fair Housing Notice

LUXURY MARKET REPORT 2021
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
November 15-21, 2021

67 Contracts Signed

Sixty-seven contracts were signed last week at $4 million and above, 7 more than the previous record-breaking week—and now the largest total of the year! Condos outsold co-ops, 45 to 16, with 6 townhouses in the mix.

Stat Geek Alert I: For the 5th time this year, 50 or more contracts were signed. The volume of $613,744,899 was the luxury market’s strongest performance since this report was launched in 2006. The previous record was the week of December 16-22, 2013, when $576,185,000 was inked on 72 deals.

Stat Geek Alert II: In the last 2 weeks, 127 contracts have been signed totaling $1,167,613,899. For the record, 51 of the 127 deals were inked by developers.

The No. 1 contract was a townhouse at 9 East 68th Street, asking $29.5 million; it was listed at the end of July. This 6-story, 39-foot-wide house has 23,450 square feet and is built on a 45-foot wide lot. It has been divided into 13 rental apartments and needs to be renovated. Annual real estate taxes total $276,560.

The No. 2 contract was 22 East 67th Street, asking $27.5 million, reduced from $39 million when it was listed in March 2018. The 24-foot-wide limestone house has 13,300 square feet including 7 bedrooms, 9.5 bathrooms, 10 fireplaces, and an elevator. It has over 2,200 square feet of outdoor space including a garden and roof terrace. Owned by hedge-funder Phil Falcone, the house had been in the throes of a UCC foreclosure proceeding. Falcone purchased the house in August 2004 for $10,375,000 and then renovated it. Mezzanine loans of over $74 million were taken out against the 67th Street house and Falcone’s Sagaponack residence.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 12 3 0 1 Avg.Ask:
$6.717,812
16
Condos 12 7 2 24 Avg.Ask:
$8,732,498
Avg.$/sq.ft.:
$3,054/sq.ft.
Avg.Size:
2,859 sq.ft.
45
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 3 0 0 3 Avg.Ask:
$18,391,667
Avg.$/sq.ft.:
$1,796/sq.ft.
Avg.Size:
10,241 sq.ft.
6
TOTALS 27 10 2 28 . 67


*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 61 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 61 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 3 OF 61 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 6 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 15-21, 2021
Total Weekly Asking Price Sales Volume: $613,744,899

Average Asking Price: $9,160,372

Median Asking Price: $6,800,000

Average Discount from Original Ask to Last Asking Price: 4%

Average Days on Market: 530









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