Fair Housing Notice

OLSHAN LUXURY MARKET REPORT
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
March 4-10, 2024

28 Contracts Signed

Twenty-eight contracts were signed last week in Manhattan at $4 million and above, one more than the previous week. Condos outsold co-ops, 20-4, with 4 townhouses in the mix.

Stat Geek Alert: In the first 10 weeks, 2024 has registered 235 deals at $4 million and above, close to last year’s 240 contracts. One big difference: Sponsor deals declined by 24%, from 88 contracts in 2023 to 67 so far this year. The drop might be the result of tightening inventory in new development.

The No. 1 contract was 29B at 1 West End Avenue, asking $17,950,000, reduced from $19,500,000; it was the last sponsor unit sold in the building. The building started marketing off of floorplans in the second half of 2015. The duplex condo has 5,302 square feet including 4 bedrooms and 5.5 bathrooms. A 33-foot great room with double-height ceilings opens onto a 3,299-square-foot terrace. Upstairs is a library. The 245-unit condo has doormen, a concierge, and a garage, plus 35,000 square feet of amenities including a 75-foot swimming pool, fitness center and spa, terraces with cabanas, a children’s playroom, media, billiards and game rooms, and storage. The buyers are a family from the Upper West Side who saw the unit in December and started to negotiate in the middle of January. After several weeks of negotiation and a pause in the action, a contract was finally signed with a closing scheduled this month.

The No. 2 contract was 50W at 50 West 66th Street, asking $17,700,000. The 2,816-square-foot condo has 3 bedrooms and 3.5 bathrooms. A 24’ x 22’ great room faces Central Park and opens onto a 139-square-foot loggia. Amenities in the 122-unit condo include doormen, a fitness center, indoor lap pool, and an outdoor saltwater pool, plus a jacuzzi, basketball and pickleball courts, screening room, game room, bike room, and a dog-washing facility. Closings in this new condo are expected sometime in 2024.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 1 2 0 1 Avg.Ask:
$6,361,250
4
Condos 2 6 2 10 Avg.Ask:
$7,161,049
Avg.$/sq.ft.:
$2,700/sq.ft.
Avg.Size:
2,652/sq.ft.
20
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 0 1 1 2 Avg.Ask:
$7,136,250
Avg.$/sq.ft.:
$1,675/sq.ft.
Avg.Size:
4,260 sq.ft.
4
TOTALS 3 9 3 13 . 28


*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 24 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 4 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

© 2024 Olshan Realty | All Rights Reserved.
This website, its content, and the Olshan Luxury Report is copyright of Olshan Realty.



Source: Olshan Realty




QUICK STATS

for the week of
March 4-10, 2024
Total Weekly Asking Price Sales Volume: $197,210,985

Average Asking Price: $7,043,249

Median Asking Price: $6,200,000

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

Average Days on Market: 641









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This website, its content, and the Olshan Luxury Report is copyright of Olshan Realty.