LUXURY MARKET REPORT 2020


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
February 3-9, 2020

21 Contracts Signed

Twenty-one contracts were signed last week at $4 million and above, a second straight week of healthy totals that raise hopes for a Spring rebound. Over the same 6-week period as last year, the luxury market is currently up 22% in the number of contracts signed. You can thank the usual forces: stubbornly low interest rates, a soaring stock market, and a trend of sellers’ lowering asking prices.

Stat Geek Alert: The properties that went to contract in the last 6 weeks saw asking prices reduced on average by 10%. That said, it took sellers an inordinately long time to lower their asking prices---the average days on market for properties in this period was 604 days.

The No.1 contract was PHB at 275 West 10th Street, asking $20.95 million, reduced from $24.5 million when the building, The Shephard, came on the market in September 2015. This duplex penthouse has 4,763 square feet including 4 bedrooms, 4 bathrooms, and 2 powder rooms. Three terraces total 1,475 square feet including a roof-top terrace. Amenities in this 38-unit condo include a doorman, fitness room, basketball court, golf simulator, and a landscaped garden.

The No. 2 contract was back-to-back townhouses sold by the same seller at 166 East 81st Street and 179 East 80th Street, asking a total of $17.9 million, reduced from $28 million when they were listed in April 2017. The houses total a combined 8,500 square feet and share a 2-tiered garden with a swimming pool. The main house is on 81st Street and has 5 bedrooms, 4.5 bathrooms, and 4 fireplaces. The guest house on 80th Street has 3 bedrooms, plus a gym and a ballet and yoga studio on the 4th floor. Both houses have central air conditioning and security systems.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 6 0 0 0 Avg.Ask:
$6,482,500
6
Condos 2 2 2 6 Avg.Ask:
$7,908,333

Avg.$/sq.ft.:
$2,786/sq.ft.

Avg.Size:
2,839 sq.ft.
12
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 1 0 1 Avg.Ask:
$9,800,000

Avg.$/sq.ft.:
$1,452/sq.ft..

Avg.Size:
6,750 sq.ft.
3
TOTALS 9 3 2 7 21
Total Weekly Asking Price Sales Volume: $163,195,000
Average Asking Price: $7,771,190
Median Asking Price: $5,950,000
Average Discount from Original Ask to Last Asking Price: 15%
Average Days on Market: 618
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 18 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 3 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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