LUXURY MARKET REPORT 2020


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
January 20-26, 2020

15 Contracts Signed

Fifteen contracts were signed last week at $4 million and above, a continuation of a 4-week streak of disappointing sales in the Manhattan luxury market. We are still hoping to spot a few green shoots as we get closer to Spring.

Stat geek alert: 49 contracts were signed in the last 4 weeks at $4 million and above compared to 48 contracts in the same time period last year---but 8 fewer contracts (57) than in 2018.

The No.1 contract was the Penthouse at 15 Union Square West, asking $14.5 million, reduced from $15.75 million when it was listed in May. The seller paid $11.5 million in November 2011. This duplex condo has 3,164 square feet including 3 bedrooms and 3.5 bathrooms, plus 2 very large terraces off the living room and upstairs master bedroom suite. The unit has views of Union Square Park. Amenities include a concierge, doorman, fitness center, and a 50-foot lap pool.

The No. 2 contract was unit NPH1 at 121 East 22nd Street, asking $9.5 million. It was sold by the sponsor, Toll Brothers, which started marketing the building in 2017. The condo has 3,046 square feet including 3 bedrooms, 3.5 bathrooms, and 2 terraces totaling 2,570 square feet. A top-floor roof terrace has an outdoor kitchen, fire pit, and planters. The building, was designed by the architecture firm OMA, which was founded by Pritzker prize winner Rem Koolhaas. Amenities include a doorman, fitness center with a pool, a landscaped courtyard, a children’s playroom, and a garage.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 1 0 0 Avg.Ask:
$5,100,000
2
Condos 1 3 1 6 Avg.Ask:
$6,673,091

Avg.$/sq.ft.:
$2,783/sq.ft.

Avg.Size:
2,398 sq.ft.
11
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 1 0 1 Avg.Ask:
$4,997,500

Avg.$/sq.ft.:
$1,092/sq.ft..

Avg.Size:
4,575 sq.ft.
2
TOTALS 2 5 1 7 15
Total Weekly Asking Price Sales Volume: $93,598,000
Average Asking Price: $6,239,933
Median Asking Price: $4,999,999
Average Discount from Original Ask to Last Asking Price: 9%
Average Days on Market: 661
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 13 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 2 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
All Rights Reserved




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