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

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Manhattan Luxury Real Estate Report – June 27

The $4M and over Manhattan residential market saw 29 signed contracts last week. Here is a sneak peak at the 2nd quarter typically Manhattan’s busiest quarter! As we finish this quarter we saw 350 signed contracts just a slight increase over the 343 signed contracts for the same quarter in 2016. About a third of these contracts were new development. The best selling range is $4M to under $6M. The average time on market skyrocketed to 409 days a huge increase from the 274 days in the 2nd quarter of 2016. The price drop of 9% was the highest in the past 5 years! ” Seller don’t fall into the trap of over pricing your home! It will take much longer to sell and typically you will get less than if you price it correctly.”

Celebrity Real Estate News

Gwyneth Paltro & Chris Martin’s Tribeca penthouse sells for $10.7M

Cheryl Crow Sells her 46 Great Jones Street Apartment

Jake Gyllenhaal “The Nightcrawler & Brokeback Mountain ” star just bought at the famous 443 Greenwich Street for $8.63M.

Highest Priced Manhattan Foreclosure In Manhtattan History! The uber luxury One57 at 157 W 57th street on the 79th floor belonging to the Nigerian energy mogul Kola Aluko who paid $59M and took out a $35M mortgage. The foreclosure is is part of a frozen asset – money laundering investigation.

Total Number of Manhattan Contracts Signed $4M and Over

29 Contracts Signed Versus 21 The Prior Week

Breakdown by Manhattan Neighborhood

East West Midtown Downtown Totals
Co-ops 0 2 1 0 3
Condos 2 3 1 14 20
Townhouses 2 1 1 2 6
Totals 4 6 3 16                           29


The Week in Numbers

  •  Average asking price was $6,615,759 versus $8,884,000 the prior week.
  • The average number of days on the market was 405 versus 410 the prior week.
  • 180 days is the normal range. Luxury real estate has been taking longer to sell.
  • The average percentage of discount from origin5al asking price was 13% versus 6% the prior week.
  • The Number 1 signed contract was Walker Tower at 212 West 18th Street #14A asking
  • $15.2M that sold for $9,418, 813 in 2013.
  • The Number 2 signed contract was a townhouse at 319 East 51st Street asking $12.9M reduced from
  • $14.5M

Are you curious about the value of your Manhattan home? Contact me for my free  personalized  detailed pricing analysis. Thinking of selling or renting your Manhattan home?