Fair Housing Notice

LUXURY MARKET REPORT 2021
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
November 8-14, 2021

60 Contracts Signed

Sixty contracts were signed last week at $4 million and above, 14 more than the previous week—and the largest total of the year! Wait, there’s more: Last week’s volume surpassed half a billion dollars, a new high for the year! Condos outsold co-ops, 39 to 16, with 5 townhouses in the mix.

Stat Geek Alert I: For the 4th time this year, 50 or more contracts were signed. The volume of $553,869,000 was the luxury market’s strongest performance since the week of December 16-22, 2013, when $576,185,000 was inked on 72 deals.

Stat Geek Alert II: In the last 6 weeks, the luxury market has shifted into high gear with 290 contracts signed, totaling $2,512,539,479. For the record, 119 of the 290 deals were inked by developers.

Stat Geek Alert III: The 16 co-ops that were sold last week represents the highest total since the middle of March 2017, when 14 co-ops went to contract. What’s more, the total of 16 co-ops is the most this report has recorded since 2010, when we started breaking down contracts between co-ops, condos, and townhouses.

The No. 1 contract was 9A at 15 Central Park West, asking $35 million. The unit has 4,565 square feet including 4 bedrooms and 4.5 bathrooms. The living room, library, and master bedroom face Central Park. Owner Andrea Kerzner of the South African hotel and gambling empire purchased the condo in 2008 from the sponsor for $18,033,027, and had it renovated by interior designer Jeffrey Beers. 15 Central Park West was designed by architect Robert A.M. Stern. Amenities include a 14,000-square-foot fitness center with a 75-foot pool, a private restaurant for residents only, a landscaped motor court and garage, library, business center, game room, outdoor terrace, and children’s playroom.

The No. 2 contract was the PH at 1010 Park Avenue, asking $34.995 million, reduced from the original offering-plan price of $50 million in 2017. This penthouse duplex has 6,745 square feet including 4 bedrooms, 5.5 bathrooms, and a 479-square-foot terrace off the rear of the apartment. It is the last unit to sell in this building that was developed by Extell, which demolished the 25-foot-wide annex of the Park Avenue Christian Church to build an 11-unit, 15-story condo with a doorman, gym, and pool.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 8 2 1 5 Avg.Ask:
$6,390,313
16
Condos 9 6 4 20 Avg.Ask:
$9,673,051
Avg.$/sq.ft.:
$3,152/sq.ft.
Avg.Size:
3,069 sq.ft.
39
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 2 0 0 3 Avg.Ask:
$14,845,000
Avg.$/sq.ft.:
$2,281/sq.ft
Avg.Size:
6,508 sqft.
5
TOTALS 19 8 5 28 . 60


*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 55 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 55 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 3 OF 55 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 5 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



Source: Olshan Realty




QUICK STATS

for the week of
November 8-14, 2021
Total Weekly Asking Price Sales Volume: $553,869,000

Average Asking Price: $9,231,150

Median Asking Price: $6,937,500

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

Average Days on Market: 449









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