Fair Housing Notice

OLSHAN LUXURY MARKET REPORT
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
April 24-30, 2023

27 Contracts Signed

Twenty-seven contracts were signed last week in Manhattan at $4 million and above, 5 fewer than the previous week. Condos outsold co-ops, 16-5, and 6 townhouses were in the mix.

Stat Geek Alert: Eleven trophy properties—those with asking prices of $10 million and above-- contributed to the volume reaching $284,790,000, its highest total in 12 months. It was also the largest number of trophy properties to go to contract since December 20-26, 2021, when 13 were sold.

The No. 1 contract was WPH34A at 500 West 18th Street, asking $28 million, reduced from $34 million when it started marketing last summer. The unit has 5,741 square feet including 5 bedrooms and 5.5 bathrooms, and features a 48’ x 27’ great room that opens onto a 293-square-foot loggia. It is in a condo called One Highline, formerly known as the XI, a project with 2 buildings (a condo and a hotel) that landed in a $1 billion-plus foreclosure in 2021. Amenities include a fitness center, 75-foot lap pool, spa treatments rooms, a golf simulator, children''s playroom, private dining, a games lounge, and a garage. Services are offered from the adjacent Faena Hotel, which is part of the re-branded project.

The No. 2 contract was a townhouse at 45 East 74th Street, asking $26.5 million, raised from $24.8 million when it was listed in January. This five-story limestone house has 9,000 square feet including 6 bedrooms, 6.5 bathrooms, and an elevator. It has a garden, 4 terraces and a rooftop terrace; it also has a fitness room and swimming pool in the basement. The seller is Zhang Xin, the Chinese billionaire property developer who bought the house for $26 million in 2013 after it was renovated. The purchaser is an international buyer who is moving the family’s primary residence to New York. Annual real estate taxes are $186,044.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 4 0 1 0 Avg.Ask:
$7,280,000
5
Condos 3 4 1 8 Avg.Ask:
$9,390,500
Avg.$/sq.ft.:
$3,016/sq.ft.
Avg.Size:
3,113 sq.ft.
16
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 4 0 0 2 Avg.Ask:
$16,357,000
Avg.$/sq.ft.:
$2,530/sq.ft.
Avg.Size:
6,466 sq.ft.
6
TOTALS 11 4 2 10 . 27


*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 21 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 6 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 24-30, 2023
Total Weekly Asking Price Sales Volume: $284,790,000

Average Asking Price: $10,547,778

Median Asking Price: $7,900,000

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

Average Days on Market: 406









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

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