Another week, another year-to-date record for the Manhattan luxury real estate market. Thirty-three contracts were signed last week at $4 million and above, three more than the previous week’s 2016 record. One thing to note: The market has racked up more sales as prices have been slashed. Last week, for example, the average price drop was 11% below the original asking price. These properties sat on the market for an average of 366 days.
Is this a market that is starting to correct? Consider this: For the entire month of May 2016, the average price drop was 7% from the original asking price with 275 days on the market compared to 4% and 211 days in May 2015. The number of contracts signed in May 2016 was 148 compared to 157 in May 2015. But get this: The May 2016 contract activity was ahead of 2014 and 2013 when 146 and 136 contracts were signed.
The No. 1 contract was 38A at 15 Central Park West, asking $29.95 million, reduced from $36.5 million when it went on the market last August. The unit has 2,846 square feet including 3 bedrooms and 3.5 bathrooms; the master bedroom and living room share a 22-foot terrace that faces Central Park. In 2008, the apartment sold for $27 million. 15 Central Park West is one of the most expensive condos in New York. It is a limestone structure designed by Robert A.M. Stern with a host of amenities including a 14,000-square-foot fitness center that has a 75-foot pool; it also features 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 18A at 212 West 18th Street, asking $25.5 million, reduced from $34 million when it went on the market last August. This 4-bedroom, 4.5-bath duplex has 4,871 square feet and 2 terraces. Downstairs is a dramatic 27 x 23-foot living room, a master suite, library, eat-in kitchen, and a guest room. Upstairs are two more bedrooms plus a media room. The unit last sold in 2014 for $17,156,250. It is in Walker Tower condominium, where amenities include doormen, concierge, a library lounge, children’s playroom, and bike storage, plus a fitness center with a yoga room and sauna. An extra plus: a landscaped common-roof deck with a dining area, sun lawn, observation area, and a covered cabana.
East | West | Midtown | Downtown | Asking $/sq.ft. | Totals | |
---|---|---|---|---|---|---|
Co-ops | 5 | 2 | 1 | 0 | Avg.Ask: $8,771,667 |
8 |
Condos | 0 | 2 | 6 | 15 | Avg.Ask: $7,771,590 Avg.$/sq.ft.: $3,110/sq.ft. Avg.Size: 2,499 sq.ft. |
23 |
Condops * | 0 | 0 | 0 | 1 | Avg.Ask:$5,890,000 Avg.$/sq.ft.:$3,068/sq.ft. Avg.Size: 1,920sq.ft. |
1 |
Townhouses | 1 | 0 | 0 | 0 | Avg.Ask: $14,999,999 Avg.$/sq.ft.: $2,206/sq.ft.. Avg.Size: 6,800 |
1 |
TOTALS | 6 | 4 | 7 | 16 | 33 |
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Donna Olshan President dso@olshan.com |
Emily Chen Private Wealth Real Estate Services Chief of Research ecc@olshan.com |