LUXURY MARKET REPORT 2020


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
January 6-12, 2020

11 Contracts Signed

Eleven contracts were signed last week at $4 million and above, a disappointing start to the New Year. The first 2 weeks of 2020 have recorded the lowest total of contracts signed (19) since 2012, when 13 sales were posted.

The No. 1 contract was a brownstone at 118 East 76th Street, asking $39 million; it has been listed since November 2017. This 32-foot-wide, 6-story house has 13,000 square feet including 8 bedrooms, 9 bathrooms, 4 powder rooms, and an elevator. The top floor has a gym that opens onto a 36-foot lap pool. Annual real estate taxes are $277,482. It was sold by developer Joseph Chetrit, who bought 6 brownstones from Lenox Hill Hospital in 2007 for $26 million and combined them into 3 homes. This is the second of the 3 houses to sell. The other was at 110 East 76th Street, which closed for $40.25 million in August 2018.

The No. 2 contract was at 33 West 74th Street, asking $8.845 million, reduced from $9.495 million when it went on the market in April of last year. The brownstone is known for its wisteria vines that cascade over the fa├žade and bloom luscious purple flowers in the spring. The 20-foot-wide house has 6,576 square feet and has been divided into 2 units with a total of 9 bedrooms, 2 kitchens, and 6 bathrooms. It does not have an elevator. Annual real estate taxes are $54,920.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 0 0 0 0 Avg.Ask:
0
Condos 1 3 0 4 Avg.Ask:
$5,700,625

Avg.$/sq.ft.:
$2,116/sq.ft.

Avg.Size:
2,695 sq.ft.
8
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 3 0 0 0 Avg.Ask:
$17,615,000

Avg.$/sq.ft.:
$2,175/sq.ft..

Avg.Size:
8,100 sq.ft.
3
TOTALS 4 3 0 4 11
Total Weekly Asking Price Sales Volume: $98,450,000
Average Asking Price: $8,950,000
Median Asking Price: $5,725,000
Average Discount from Original Ask to Last Asking Price: 7%
Average Days on Market: 905
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 8 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 3 CONTRACTS SIGNED ON TOWNHOUSES

Donna Olshan
President
dso@olshan.com
Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com