Carol Staab
Associate Broker
Douglas Elliman
111 Fifth Avenue
New York , NY 10003

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Manhattan Luxury Real Estate Market Report – December 5

The Manhattan luxury market, $4M and over saw a very healthy week with 29 signed contracts. The ultra luxury market $10 million and over saw 11 contracts giving an indication that this segment of the market is starting to move. This is due to more buyers in the market and sellers understanding that in many cases they need to discount the price or give concessions. The downtown market continues to lead with 12 contracts while the east side came in second with 6. Condos outpaced co-ops 17 to 7.

Top Sales and Stats

East West Midtown Downtown Totals
Co-ops 3 2 1 1 7
Condos 2 2 4 10 18
Townhouses 1 1 1 1 4
Totals 6 5 6 12                       29
  • Weekly Sales Volume Total was $246,565,000 versus $112,462,000 prior week.
  • Average asking price was $8,502,241 versus $7,497,467 the prior week.
  • The average number of days on the market was 581 versus 301 days the prior week.
  • 180 days is the normal range. Luxury real estate has been taking longer to sell.
  • The average percentage of discount from original asking price was 6% versus 19% the prior week.
  • The Number 1 signed contract was at a townhouse at 28 West 76th Street asking $15.95 Million reduced from $17.95 Million. It came on the market in February.
  • There was a tie for Number 2 signed contract. 784 Park Avenue #16/17C asking $14.95 Million.
    20 Sullivan Street Townhouse also asking $14.95 Million.

Celebrity Real Estate News

David Yurman Lists Greenwich Village Townhouse For $19 Million

David Lowy Westfield Heir Bought Kola Aluko’s Foreclosed Unit for $36 Million

Gerard Butler Lists Unique $6 Million Duplex

Luxury Buzz!

Monaco, Geneva and Singapore Have Highest Percentage of Ultra Wealthy Residents Where does New York Rank?