Fair Housing Notice

OLSHAN LUXURY MARKET REPORT
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
March 27-April 2, 2023

34 Contracts Signed

Thirty-four contracts were signed last week in Manhattan at $4 million and above, two more than the previous week. Condos crushed co-ops, 23-3, with 8 townhouses in the mix---including the top 2 deals.

Stat Geek Alert: It was the biggest week in townhouse sales since the last week of August 2021, when 9 such contracts were inked. Year-to-date, 34 houses have gone to contract, the same total during the same period last year.

The No. 1 contract was a townhouse at 7 Sutton Square, asking $29.5 million; it has been on and off the market since 2016, starting at $39.8 million. This 5-story, Georgian-style mansion is 33-feet wide and has 9,600 square feet including 5 bedrooms, 8 bathrooms, and an elevator. It sits on the Sutton Square gardens, which are along the East River and surrounded by 12 townhouses. The house has a dramatic entrance, featuring a double-height rotunda and a sweeping staircase. On the fourth floor is a 33-foot-wide master suite that overlooks the East River and has a fireplace and a large dressing room. A rooftop terrace has a large seating area with a grill, an enclosed solarium-style wet bar, a powder room, and open city and river views. The sellers are the famed art dealers--the Wildenstein family—who purchased the house for $32.5 million in 2008. Annual real estate taxes are $146,503.

The No. 2 contract was 14 East 69th Street, asking $26.5 million, reduced from $29.75 million when it was listed in March 2021. But get this: Four days after the contract was signed, the house closed for $18.3 million in a rush by the seller to beat a potential foreclosure. Before the contract was signed, five bidders had emerged and all parties were sent contracts requiring all cash, waving engineer inspections and allowing the seller to stay in possession for 60 days after closing. Two contracts came back with deposits, leaving the seller with a choice: An end user won the bid.

The 5-story, 30-foot-wide house has 13,006 square feet and an elevator. The ground floor is medical office space. The 2nd and 3rd floors comprise an owner’s duplex, and the top two floors had been divided into 4 one-bedroom apartments. Annual real estate taxes are $192,101.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 2 0 1 0 Avg.Ask:
$5,848,333
3
Condos 5 4 1 13 Avg.Ask:
$6,607,826
Avg.$/sq.ft.:
$2,630/sq.ft.
Avg.Size:
2,513 sq.ft.
23
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 2 3 1 2 Avg.Ask:
$11,628,750
Avg.$/sq.ft.:
$1,668/sq.ft.
Avg.Size:
6,970 sq.ft.
8
TOTALS 9 7 3 15 . 34


*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 26 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 26 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 8 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
March 27-April 2, 2023
Total Weekly Asking Price Sales Volume: $262,455,000

Average Asking Price: $7,719,265

Median Asking Price: $6,200,000

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

Average Days on Market: 465









© 2024 Olshan Realty, Inc. | All Rights Reserved. | Established 1980
641 Lexington Avenue, Suite 2200, New York, NY 10022 | 212-751-3300 | Privacy Policy

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

. . . .