Fair Housing Notice

OLSHAN LUXURY MARKET REPORT
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
January 30-February 5, 2023

29 Contracts Signed

Twenty-nine contracts were signed last week in Manhattan at $4 million and above, 14 more than the previous week. Condos outsold co-ops, 17-6, with 1 condop and 5 townhouses in the mix.

Stat Geek Alert I: It was the first time in 6 weeks that the luxury market cracked 20 contracts, marking the largest weekly total since October 17-23, when 30 contracts were signed.

Stat Geek Alert II: The action was skewed to the lower end of the luxury market, as half of the properties sold below $6 million.

The No. 1 contract was 48S at 50 West 66th Street, asking $22.75 million. The condo has 3,556 square feet including 4 bedrooms and 4.5 bathrooms. It features a 32-foot living room that opens onto a 145-square-foot loggia showcasing dramatic Central Park views. Ceiling heights range from 13 to 14 feet. This new building started marketing off of floorplans last summer. Amenities include doormen, a fitness center, indoor and outdoor swimming pools, basketball and pickleball courts, a screening room, game room, a bike room, and dog-washing facility.

The No. 2 contract was the 11th floor at 1045 Madison Avenue, asking $15.5 million. The condo has 4,196 square feet including 6 bedrooms and 5.5 bathrooms. It was originally purchased with the 10th floor and the sponsor combined the units into a duplex that closed for $27.95 million in March. By June, the duplex was back on the market, asking $33.5 million. In October, the marketing changed direction, and the seller started offering the 11th and 10th floors as separate units. The condos are in The Benson, a 15-unit, 18-story building designed by architect Peter Pennoyer. Amenities include a concierge, roof terrace, fitness center, half-court basketball, a children’s playroom, a library with a garden, and a pet spa.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 5 0 0 1 Avg.Ask:
$6,240,000
6
Condos 1 4 0 12 Avg.Ask:
$7,599,444
Avg.$/sq.ft.:
$2,715/sq.ft.
Avg.Size:
2,799 sq.ft.
17
Condop* 0 0 0 1 Avg.Ask:
$5,945,000
Avg.$/sq.ft.:
$3,151/sq.ft.
Avg.Size:
1,887 sq.ft.
1
Townhouses 4 0 0 1 Avg.Ask:
$6,086,000
Avg.$/sq.ft.:
$1,091/sq.ft.
Avg.Size:
5,577 sq.ft.
5
TOTALS 10 4 0 15 . 29


*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 24 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

© 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
January 30-February 5, 2023
Total Weekly Asking Price Sales Volume: $204,320,000

Average Asking Price: $7,045,517

Median Asking Price: $5,995,000

Average Discount from Original Ask to Last Asking Price: 8%

Average Days on Market: 603









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

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