Fair Housing Notice

OLSHAN LUXURY MARKET REPORT
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
April 3-9, 2023

22 Contracts Signed

Twenty-two contracts were signed last week in Manhattan at $4 million and above, 12 fewer than the previous week. Condos outsold co-ops, 15-5, and 2 townhouses were in the mix.

Stat Geek Alert: The lull in the action is typical of the Easter holiday week: The 10-year average of contracts for that week is 23.

The No. 1 contract was 92W at 217 West 57th Street, a sponsor unit asking $19.054 million. The unit refers to the 92nd floor but is really the 62nd floor. The building has 98 stories, but the sponsor inflated the floor numbers for marketing purposes. The unit has nearly 12-foot-high ceilings and 3,073 square feet that includes 3 bedrooms, 3.5 bathrooms, and a 29’ x 23’ living room with windows on 2 sides featuring sweeping views of Central Park and the Hudson River. It is in Central Park Tower, a 1,550-foot-tall skyscraper with 179 units that started marketing in 2018 as the world’s tallest residential building. Over 50,000 square feet of amenities include indoor and outdoor pools, a fitness center, a children’s playroom, and a club room on the 100th floor (which is actually the 68th floor) that includes a ballroom, bar, dining facilities, and a cigar lounge.

A similar sponsor unit, 95W, closed in February for $16,336,250. Year-to-date, 6 units have closed in Central Park Tower averaging a 23% discount off the original asking price. The closed prices averaged $5,096/sq.ft. with the average size of a unit at 3,221 sq.ft. The sponsor has been offering a broker’s incentive of a 5% commission.

The No. 2 contract was 15D at 50 West 66th Street, asking $11.875 million, raised from $10.9 million when the condo started marketing off of floorplans last summer. It has 3,889 square feet including 5 bedrooms and 5.5 bathrooms. Amenities include doormen, a fitness center, indoor lap pool, an outdoor saltwater pool and jacuzzi, basketball and pickleball courts, screening room, game room, bike room, and dog-washing facility.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 2 1 0 2 Avg.Ask:
$5,407,000
5
Condos 2 5 2 6 Avg.Ask:
$7,757,500
Avg.$/sq.ft.:
$2,856/sq.ft.
Avg.Size:
2,716 sq.ft.
15
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 0 1 0 1 Avg.Ask:
$6,145,000
Avg.$/sq.ft.:
$1,313/sq.ft.
Avg.Size:
4,682 sq.ft.
2
TOTALS 4 7 2 9 . 22


*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 20 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

© 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
April 3-9, 2023
Total Weekly Asking Price Sales Volume: $155,687,499

Average Asking Price: $7,076,705

Median Asking Price: $5,995,000

Average Discount from Original Ask to Last Asking Price: 3%

Average Days on Market: 473









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

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