Fair Housing Notice

LUXURY MARKET REPORT 2022
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
June 13-19, 2022

12 Contracts Signed

Twelve contracts were signed last week in Manhattan at $4 million and above, 13 fewer than the previous week. It was the worst week in the luxury market since the week of December 28, 2020, when 10 contracts were signed. This anemic performance coincided with the S&P 500 Index dropping 5.8%, its worst week since March 2020. The S&P has fallen 11 of the last 12 weeks.

Stat Geek Alert: Eight contracts were reported last week in a new condo at 555 West 22nd Street called The Cortland, ranging from $5.1 million to $23.5 million. These contracts are not being counted in today’s report because the head of sales would not confirm the dates when the contracts were signed. The 555 West 22nd Street offering plan was approved a year ago by the New York State Attorney General, and at that point the developer could conduct sales. The purpose of this report is to provide contracts signed in the past week in order to give a snapshot of current market conditions in the luxury sector. We try our best to verify every sale and the timing of the contracts. Nevertheless, some developers and brokerage firms employ the strategy of waiting to accumulate enough sales in a new condo building before it reports to the Real Estate Board of New York’s database (REBNY RLS). This is an old tactic: Instead of posting weekly sales, developers sometimes report a group of sales all at once in the hope of making a building look like it is selling well.

The No. 1 contract was 37A at 15 Central Park West, asking $26 million, reduced from $28 million when it was listed in April. It is the third time this year that a unit in 15 Central Park West has grabbed the top spot. The seller paid $30 million in 2014 for this condo unit that has 3,105 square feet including 3 bedrooms and 3.5 bathrooms. The living room and master bedroom have spectacular views of Central Park.

15 Central Park West was designed by architect Robert A.M. Stern. Amenities include a 14,000-square-foot fitness center with a 75-foot pool, a private restaurant for residents only, a landscaped motor court and garage, library, business center, game room, outdoor terrace, and children’s playroom.

The No. 2 contract was PH7W at 155 West 11th Street, asking $15 million; it was an off-market sale. It has 2,516 square feet including 3 bedrooms, 3.5 bathrooms, and 2 large terraces with stunning southern city views. One terrace is outfitted with an outdoor kitchen including a sink, 6-burner grill, refrigerator, and awning. The unit is in The Greenwich Lane, a 5-building complex comprised of 193 condos and 5 townhouses. Amenities include a concierge, doorman, parking, fitness center, a 25-meter swimming pool, golf simulator, garden, residents’ lounge, and children’s playroom. The seller purchased the unit from the sponsor for $11,269,149 in 2017.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 0 0 0 1 Avg.Ask:
$5,495,000
1
Condos 2 3 1 3 Avg.Ask:
$8,904,444
Avg.$/sq.ft.:
$3,498/sq.ft.
Avg.Size:
2,546 sq.ft.
9
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 1 0 1 0 Avg.Ask:
$7,600,000
Avg.$/sq.ft.:
$1,267/sq.ft.
Avg.Size:
6,000 sq.ft.
2
TOTALS 3 3 2 4 . 12


*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 10 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 13-19, 2022
Total Weekly Asking Price Sales Volume: $100,835,000

Average Asking Price: $8,402,917

Median Asking Price: $5,335,000

Average Discount from Original Ask to Last Asking Price: 6%

Average Days on Market: 446









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