LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
August 13-19, 2018

19 Contracts Signed

Nineteen contracts were signed last week at $4 million and above, a 58% increase over the previous week (August 6-12), when 12 contracts were signed. Over half of the apartments were sold by developers.

Stat geek alert.: For the 7th time this year, the No.1 or No. 2 slot went to 432 Park. And for the 3rd time this year, the No. 1 or No. 2 slot went to 157 West 57th Street.

The No. 1 contract was the 77th floor at 157 West 57th Street, asking $44 million, reduced from $52 million when it went on the market in February of 2017. The condo has 6,240 square feet including 4 bedrooms and 4.5 bathrooms, with 11’-9” ceilings and panoramic views of Central Park and the city. The unit has a 58-foot living room facing Central Park and a 30-foot master bedroom. The contract represents a loss on sale--the owner paid $47,782,187 in May 2015 when it was purchased from the developer, Extell. 157 West 57th Street was designed by Pritzker Prize-winning architect Christian de Portzamparc, with interiors by Thomas Juul-Hansen. The 90-story, 90-unit condo was built above the 5-star Park Hyatt hotel that has a separate entrance for its 210 rooms. Amenities include use of hotel services, fitness center, pool, private dining, a library lounge, performance space, and a garage.

The No. 2 contract was 40C at 432 Park Avenue, asking $16.95 million; it was sold by the sponsor CIM Group and Macklowe Properties. The corner unit has 3,575 square feet including 3 bedrooms and 3.5 bathrooms. It features a 29’ x 29’ living room, 12.5-foot ceilings, and north, south, and west views from windows that measure 10 x10 feet. This new condo is 96 stories high, 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, parking, a garden, and a children’s playroom.



EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 1 1 0 1 Avg.Ask:
$8,832,500
3
Condos 2 2 3 6 Avg.Ask:
$9,475,385
Avg.$/sq.ft.:
$3,417/sq.ft.
Avg.Size:
2,773 sq.ft.
13
Condop* 0 0 0 1 Avg.Ask:
$8,495,000
0
Townhouses Avg.Ask:
$7,072,500
Avg.$/sq.ft.:
$1,197/sq.ft.
Avg.Size:
5,908 sq.ft.
2
TOTALS 3 4 3 9 19


*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 17 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


Select a Date to compare 2020 with previous years

Source: Olshan Realty




QUICK STATS

for the week of
August 13-19, 2018
Total Weekly Asking Price Sales Volume: 172,317,500

Average Asking Price: 9,069,342

Median Asking Price: 6,495,000

Average Discount from Original Ask to Last Asking Price: 11%

Average Days on Market: 676









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