LUXURY MARKET REPORT 2019


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

25 Contracts Signed

Twenty-five contracts were signed last week at $4 million and above. It marked the 5th time in the last 6 weeks that the luxury market posted a solid performance.

Stat Geek Alert: Co-ops comprised only 4 of the 25 signed contracts, while 13 out of 19 condo contracts signed were for sponsor/developer properties. It was the highest total of sponsor sales since the 2nd week of March.

The No.1 contract was 70B at 25 Columbus Circle, asking $15 million, reduced from $35 million when it was listed in February 2014. The owner paid $14.5 million in October 2009. This Time Warner Center condo duplex has 3,491 square feet including 3 bedrooms and 3.5 bathrooms. The 48-foot living room and all bedrooms face Central Park; the unit features a sculptural staircase. Amenities include a fitness center, landscaped terrace, meeting room with Central Park views, and access to the Mandarin Oriental Hotel’s pool and spa.

The No. 2 contract was Unit 4 at 152 Elizabeth Street, asking $13.75 million, reduced from $14.8 million when it was listed in June 2015. This 4,158-square-foot condo has 4 bedrooms and 4.5 bathrooms. It is one of 7 units in a new boutique glass-and-concrete condo that was designed by Pritzker Prize-winning architect Tadao Ando. Amenities include a doorman and storage.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 1 1 0 Avg.Ask:
$8,172,500
4
Condos 3 8 0 8 Avg.Ask:
$8,415,316

Avg.$/sq.ft.:
$2,863/sq.ft.

Avg.Size:
2,939 sq.ft.
19
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 1 0 1 Avg.Ask:
$4,875,000

Avg.$/sq.ft.:
$1,167/sq.ft..

Avg.Size:
4,178 sq.ft.
2
TOTALS 5 10 1 9 25
Total Weekly Asking Price Sales Volume: $202,331,000
Average Asking Price: $8,093,240
Median Asking Price: $6,995,000
Average Discount from Original Ask to Last Asking Price: 14%
Average Days on Market: 743
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 23 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 2 CONTRACTS SIGNED ON TOWNHOUSES

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