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

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Manhattan Luxury Real Estate Report – August 3

The $4M and over Manhattan residential market saw 17 signed contracts last week. It is the fifth week in a row that the number of signed contracts have been below 20. Condos outpaced co-ops 14 to 2. Downtown lead with 8 signed contracts and the east side was right behind with 7. The big news of the week is the signed contract of 70 Vestry #PHS asking $65 Million. It will break a downtown record when it closes.

In case you missed my 2nd Quarter Manhattan Market Report video,  the number of sales surged in the 2nd Quarter. Find out why, here.

Celebrity Real Estate

Harvey Weinstein Cuts Hamptons Home Price to $12.4 million.

A $50M penthouse buyer at 15 CPW just shelled out big money on 432 Park Pad.

The Pierre penthouse belong to Zweig finally sells for $80 million under ask.

Luxury Real Esate Buzz

70 Vestry #PHS a $65 million signed contract will set a downtown record when it closes.

Total Number of Manhattan Contracts Signed $4M & Over

  • 17 signed contracts versus 18 the prior week.
  • Last week was the fifth week in a row below 20 signed contracts.

Neighborhood Breakdown

East West Midtown Downtown Totals
Co-ops 2 0 0 0 2
Condos 4 1 1 8 14
Townhouses 1 0 0 0 1
Totals 7 1 1 8                           17

 

  •  Average asking price was $9,605,265 versus $7,659,875the prior week.
  • The average number of days on the market was 439 versus 577 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 9%the prior week.
  • The Number 1 signed contract was a new development condo 70 Vestry #PHS asking $65 million .
  • It will break a downtown record when it closes.