LUXURY MARKET REPORT 2019


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
July 8-14, 2019

9 Contracts Signed

Nine contracts were signed last week at $4 million and above, the same dismal total as the previous week. The dollar volume of $51.25 million was the lowest since the middle of November 2013---that total, though, was an aberration as 2013 was a robust year in the Manhattan luxury market.

Stat Geek Alert: Last week was the second week in a row in which not a single property at $10 million and above went to contract. That hasn’t happened since September 2011.

The No. 1 contract was 18A at 21 East 12th Street, asking $8.75 million. This reportedly is the only unit that the sponsor allowed a purchaser to assign their contract to a new buyer. The original contract was signed in September 2017, and at that time the unit was asking $8.6 million. It has 2,679 square feet including 4 bedrooms and 4.5 bathrooms. The fourth bedroom is now incorporated into the living room. Ceiling heights are 10 feet. Closings started in March in this new 22-story, 52-unit building that was designed by architect Annabelle Selldorf on the site of the former Bowlmor Lanes. Amenities include a doorman, fitness room, residents’ lounge, and onsite parking. Most of the contracts were signed in 2016 and 2017, and 31 units, averaging approximately $2,800/sq.ft., have closed so far.

The No. 2 contract was a tie between 2 units asking $6.5 million:

Apartment 3E at 15 Central Park West has 2,135 square feet including 2 bedrooms and 2.5 bathrooms, plus an eat-in kitchen. It started on the market last August at $7.495 million and was eventually reduced to $6.5 million. The owner paid $9,325,000 in September 2014. The building is one of the highest profile 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, a library, business center, game room, outdoor terrace, and children’s playroom.

Apartment 15A/B at 240 East 10th Street is a 3,200-square-foot condo with 3 bedrooms, 2.5 bathrooms, and 3 balconies. It features a corner 30’ x 33’ living room with panoramic city views. The building has 16 units, and amenities include a 24-hour-doorman and a common roof deck. The unit was listed in May for $6.5 million, close to the $6 million paid for the apartment in October 2012.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 0 0 0 Avg.Ask:
$5,012,500
2
Condos 0 1 1 5 Avg.Ask:
$5,889,286

Avg.$/sq.ft.:
$2,488/sq.ft.

Avg.Size:
2,367 sq.ft.
7
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:
.

Avg.Size:
0
TOTALS 2 1 1 5 9
Total Weekly Asking Price Sales Volume: $51,250,000
Average Asking Price: $5,694,444
Median Asking Price: $5,125,000
Average Discount from Original Ask to Last Asking Price: 4%
Average Days on Market: 369
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 9 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 0 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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