Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
July 8-14, 2019

9 Contracts Signed

Nine contracts were signed last week at $4 million and above, the same dismal total as the previous week. The dollar volume of $51.25 million was the lowest since the middle of November 2013---that total, though, was an aberration as 2013 was a robust year in the Manhattan luxury market.

Stat Geek Alert: Last week was the second week in a row in which not a single property at $10 million and above went to contract. That hasn’t happened since September 2011.

The No. 1 contract was 18A at 21 East 12th Street, asking $8.75 million. This reportedly is the only unit that the sponsor allowed a purchaser to assign their contract to a new buyer. The original contract was signed in September 2017, and at that time the unit was asking $8.6 million. It has 2,679 square feet including 4 bedrooms and 4.5 bathrooms. The fourth bedroom is now incorporated into the living room. Ceiling heights are 10 feet. Closings started in March in this new 22-story, 52-unit building that was designed by architect Annabelle Selldorf on the site of the former Bowlmor Lanes. Amenities include a doorman, fitness room, residents’ lounge, and onsite parking. Most of the contracts were signed in 2016 and 2017, and 31 units, averaging approximately $2,800/sq.ft., have closed so far.

The No. 2 contract was a tie between 2 units asking $6.5 million:

Apartment 3E at 15 Central Park West has 2,135 square feet including 2 bedrooms and 2.5 bathrooms, plus an eat-in kitchen. It started on the market last August at $7.495 million and was eventually reduced to $6.5 million. The owner paid $9,325,000 in September 2014. The building is one of the highest profile condos in New York. It is a limestone structure designed by Robert A.M. Stern with a host of amenities including a 14,000-square-foot fitness center that has a 75-foot pool; it also features a private restaurant for residents only, a landscaped motor court and garage, a library, business center, game room, outdoor terrace, and children’s playroom.

Apartment 15A/B at 240 East 10th Street is a 3,200-square-foot condo with 3 bedrooms, 2.5 bathrooms, and 3 balconies. It features a corner 30’ x 33’ living room with panoramic city views. The building has 16 units, and amenities include a 24-hour-doorman and a common roof deck. The unit was listed in May for $6.5 million, close to the $6 million paid for the apartment in October 2012.



EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 2 0 0 0 Avg.Ask:
$5,012,500
2
Condos 0 1 1 5 Avg.Ask:
$5,889,286
Avg.$/sq.ft.:
$2,488/sq.ft.
Avg.Size:
2,367 sq.ft.
7
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
TOTALS 2 1 1 5 9


*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 9 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 0 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
July 8-14, 2019
Total Weekly Asking Price Sales Volume: 51,250,000

Average Asking Price: 5,694,444

Median Asking Price: 5,125,000

Average Discount from Original Ask to Last Asking Price: 4%

Average Days on Market: 369









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

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