Fair Housing Notice

OLSHAN LUXURY MARKET REPORT
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
January 29-February 4, 2024

22 Contracts Signed

Twenty-two contracts were signed last week in Manhattan at $4 million and above, 3 fewer than the previous week. Condos outsold co-ops, 15-6, and 1 townhouse was in the mix.

The No. 1 contract was PHA, a penthouse duplex at 111 West 56th Street, asking $16,950,000, raised from $14,500,000 when the condo--built above the Thompson Central Park Hotel--started marketing in September 2022. The unit has 3,042 square feet including 4 bedrooms and 4 bathrooms. A 949-foot terrace surrounds the living room, dining room, and 3 bedrooms. Upstairs is a 1,698-square-foot roof terrace. The 99-unit condo shares amenities with the hotel including concierge/doorman, fitness center, restaurant, bar, and lounge.

The No. 2 contract was the 11th floor at 1045 Madison Avenue, asking $15.5 million. The condo was half of a duplex that was purchased as 2 separate floors --the 10th and 11th-- for $27,950,000 in March 2022. The sponsor delivered the units with a staircase connecting the 2 floors. Each floor had 4,193 square feet including 6 bedrooms and 5.5 bathrooms with the major rooms facing Madison Avenue.

By June 2022, the new owners changed their minds and relisted the 10th and 11th floor for $33.5 million. The floors were also offered separately for $17.5 million each. In October 2023, the 10th floor was sold, with a reduced asking price of $15 million. The 11th floor sold last week in a bidding war.

Amenities in the 15-unit, 18-story building known as The Benson include a concierge, roof terrace, fitness center, half-court basketball, a children’s playroom, a library with a garden, and a pet spa.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 2 0 2 2 Avg.Ask:
$6,806,667
6
Condos 4 5 2 4 Avg.Ask:
$7,544,333
Avg.$/sq.ft.:
$2,762/sq.ft.
Avg.Size:
2,732 sq.ft.
15
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 0 0 0 1 Avg.Ask:
$7,995,000
Avg.$/sq.ft.:
$1,729/sq.ft.
Avg.Size:
4,624 sq.ft.
1
TOTALS 6 5 4 7 . 22


*Condops are mixed-use co-op buildings with condo space typically in the commercial or non-residential portion of the building.

CLICK HERE TO VIEW 21 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 1 CONTRACTS SIGNED ON TOWNHOUSES

Donna Olshan, President
cell: 917-287-0458
home: 212-751-3300 x110
dso@olshan.com

Emily Chen, Private Wealth Real Estate Services
Chief of Research
917-853-9235
ecc@olshan.com

© 2024 Olshan Realty | All Rights Reserved.
This website, its content, and the Olshan Luxury Report is copyright of Olshan Realty.



Source: Olshan Realty




QUICK STATS

for the week of
January 29-February 4, 2024
Total Weekly Asking Price Sales Volume: $162,000,000

Average Asking Price: $7,363,636

Median Asking Price: $6,020,000

Average Discount from Original Ask to Last Asking Price: 7%

Average Days on Market: 527









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This website, its content, and the Olshan Luxury Report is copyright of Olshan Realty.

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