LUXURY MARKET REPORT 2019


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
November 25-December 1, 2019

11 Contracts Signed

Eleven contracts were signed last week at $4 million and above. You might think that was a turkey of a Thanksgiving week, but you’d be wrong: That total of 11 signed contracts was only one less than last year and one more than 2015, which was a stellar year in the luxury market.

The No.1 contract was 62A at 432 Park Avenue, asking $26.995 million, reduced from $28 million when it was listed in May. The condo has 4,019 square feet including 3 bedrooms, 4.5 bathrooms, and a library. It has 12.5’ ceilings and windows that measure 10’ x 10’, affording south, east, and north views of Central Park. Monthly common charges and real estate taxes total $15,819. The owner paid $18,442,956 in June 2016 after signing a contract off of floorplans in 2012. 432 Park is 96 stories high with 106 units, a concrete-and-glass edifice designed by Rafael Vinoly that is 1,396 feet tall and can be seen from almost anywhere in the 5 boroughs. Amenities include a fitness center, a 75-foot swimming pool, private dining room, parking, a garden, and a children’s playroom.

The No. 2 contract was PHE at 40 Bleecker Street, asking $15.5 million. It was the only sponsor sale in the Manhattan luxury market last week. The condo has 3,528 square feet including 4 bedrooms and 4.5 baths, plus a terrace totaling 830 square feet. Monthly common charges and taxes total $11,842. Amenities in this new 12-story, 61-unit building include a concierge, pool, 11 parking spaces, and a landscaped courtyard.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 0 0 0 Avg.Ask:
$109,474,000
3
Condos 1 0 1 4 Avg.Ask:
$10,464,000

Avg.$/sq.ft.:
$3,434/sq.ft.

Avg.Size:
3,048 sq.ft.
6
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 2 0 0 0 Avg.Ask:
$7,495,000

Avg.$/sq.ft.:
$1,595/sq.ft..

Avg.Size:
4,700 sq.ft.
2
TOTALS 6 0 1 4 11
Total Weekly Asking Price Sales Volume: $109,474,000
Average Asking Price: $9,952,182
Median Asking Price: $8,995,000
Average Discount from Original Ask to Last Asking Price: 5%
Average Days on Market: 256
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 9 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
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