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

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Manhattan Luxury Real Estate Report – August 8

Manhattan Luxury Real Estate – $4M+ Market Report

Last week was the 6th week in a row the luxury market slipped below 20 signed contracts. With 14 signed contracts, Downtown led the way. For another week, Condos trumped Co-Op sales 8 vs 3.

Celebrity Real Estate News

Lester Holt of NBC “Nightly News & Dateline Sells NoMad Pad For $6M
Alexander Wang Invites Architectural Digest Into His West Chelsea Home
Tony Bennett’s Manager & Son Sells His Greenwich Village House For $10.5M
Just Salad  Co-founders Nick Kenner & Ashley Stark Buys FAO Schwartz Upper East Side House For $9M

Total Number of Manhattan Contracts Signed $4M & Over

14 Signed Contracts Versus 17 The Prior Week

“Sixth Straight Week Below 20 Signed Contracts”

Breakdown by Manhattan Neighborhood

East West Midtown Downtown Totals
Co-ops 1 1 0 1 3
Condos 1 0 3 5 9
Townhouses 0 0 0 2 2
Totals 2 1 3 8 14

 

  •  Average asking price was $7,263,571 versus $9,605,265 the prior week.
  • The average number of days on the market was 357 versus 439 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 7% versus 6% the prior week.
  • The Number 1 signed contract was a new development condo at 252 East 57th Street # 56A asking
  • $14.65 million
  • The Number 2 signed contract at 73 Wooster #PHB asking $13.75 million reduced from $14.45 million.