LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
November 11-17, 2019

21 Contracts Signed

Twenty-one contracts were signed last week at $4 million and above, the second week in a row of 20 or more signed contracts after a months -long slump in the luxury market. A hat trick of factors likely contributed to the recent relief rally: a robust stock market, low interest rates, and steadily decreasing prices that are enticing buyers to bid.

The No.1 contract was a sponsor unit on the 57th floor at 45 East 22nd Street, asking $14.5 million, reduced from $17.95 million when it was first listed off of floorplans in October 2014. The 4,658-square-foot condo has 4 bedrooms, 4.5 bathrooms, and sweeping, 360-degree views from the East River to the Hudson River. Common charges and real estate taxes total $19,154. The apartment is in a new 65-story glass condo with 83 units next to Madison Square Park. Amenities include a fitness center, basketball court, children’s playroom, and an outdoor terrace.

The No. 2 contract was 3E at 960 Park Avenue, asking $12.75 million; it was listed in September. This 12-room co-op has 6 bedrooms and 5.5 bathrooms. The living room with a fireplace and four of the six bedrooms span 87 feet overlooking Park Avenue. The unit has an eat-in kitchen. The monthly maintenance is $6,800, and the co-op allows 40% mortgage financing.



EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 4 1 0 2 Avg.Ask:
$6,895,714
7
Condos 0 4 2 6 Avg.Ask:
$7,101,250
Avg.$/sq.ft.:
$2,853/sq.ft.
Avg.Size:
2,489 sq.ft.
12
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses Avg.Ask:
$12,050,000
Avg.$/sq.ft.:
$1,176/sq.ft.
Avg.Size:
10,250 sq.ft.
2
TOTALS 4 7 2 8 21


*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 19 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
November 11-17, 2019
Total Weekly Asking Price Sales Volume: 157,585,000

Average Asking Price: 7,504,048

Median Asking Price: 5,975,000

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

Average Days on Market: 656









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