LUXURY MARKET REPORT 2019


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
September 9-15, 2019

12 Contracts Signed

Only 12 contracts were signed last week at $4 million an above, yet another indication that the Manhattan luxury market is experiencing its worst 3rd quarter since 2012. How bad is it? By comparison, the number of contracts signed at $4 million and above in the third quarter is tracking 27% below the same period last year.

The No. 1 contract was a triplex condo called Townhouse South at 555 West End Avenue, asking $12.8 million. It has 4,903 square feet including 5 bedrooms and 5.5 bathrooms. The ground floor has a 31’ x 21’ great room, kitchen, media room, and a 19’ x 30’ garden terrace. The middle floor has 4 bedrooms, and the top floor has a 5th bedroom and laundry room. 555 West End is the former St. Agnes Boys High School that was converted into a 13-unit condo building. Amenities include a 24-hour-doorman, fitness center, a game room/recreation room, storage, and a bike room. It started marketing a year ago, and during that time has reported 3 contracts at asking prices averaging $2,883/sq.ft.

The No. 2 contract was 3E at 70 Vestry Street, asking $10.495 million, raised from $9.85 million when this new condo building opened for sale in 2016. The unit has 2,996 square feet including 3 bedrooms and 3.5 bathrooms. A 34’ x 18’ great room faces the Hudson River. 70 Vestry is a 14-story, 46-unit condo that was designed by architect Robert A.M. Stern with interiors by Daniel Romualdez. Amenities include a doorman, concierge, garage, a fitness center, squash court, and 3 pools--an 82-foot lap pool, a separate children’s pool, and a hot-and-cold plunge pool. There is also a library, billiards room, and children’s playroom.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 0 0 0 2 Avg.Ask:
$4,350,000
2
Condos 2 2 0 5 Avg.Ask:
$7,384,667

Avg.$/sq.ft.:
$2,552/sq.ft.

Avg.Size:
2,893 sq.ft.
9
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 0 1 Avg.Ask:
$6,400,000

Avg.$/sq.ft.:
$2,466/sq.ft..

Avg.Size:
2,592 sq.ft.
1
TOTALS 2 2 0 8 12
Total Weekly Asking Price Sales Volume: $80,807,000
Average Asking Price: $6,733,917
Median Asking Price: $6,197,500
Average Discount from Original Ask to Last Asking Price: 3%
Average Days on Market: 475
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 11 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 1 CONTRACTS SIGNED ON TOWNHOUSES


Donna Olshan
President
dso@olshan.com

Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com

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Donna Olshan and Olshan Realty
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