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Manhattan Luxury Real Estate Report – October 16

The $4 million and over Manhattan luxury market was above the benchmark 20 number for the past two weeks. Last week saw 23 contracts signed. There were 17 condos versus only one co-op. There were 5 townhouses that went into contract last week. A total of 11 townhouses have gone into contract in the past two weeks. They were not the market for an average of 265 days and received 19% average discount before going into contract. Downtown led with 9 contracts followed closely by the Westside with 8. The average listing discount was 4% down from the high number of 14% two weeks ago. The average number of days on the market dropped to 212 from 349 days. It was the 8th time this year that a unit at 432 Park Avenue went into contract.

Behind the Numbers

Sales were driven by 11 of the 17 condo deals being new development. This number includes 5 from the Belnord that has been offering very aggressive discounts especially on unrenovated units. The large numbers of condo contracts signifies that developers are offering more discounts and concessions to get deals done.

Top Luxury Real Estate Sales and Stats

East West Midtown Downtown Totals
Co-ops 1 0 0 0 1
Condos 1 7 2 7 17
Townhouses 2 1 0 2 5
Totals 4 8 2 9               23
  • Weekly Sales Volume Total was $164,685,000 versus $168,279,000 the prior week.
  • Average asking price was $7,160,217 versus $7,649,045the prior week.
  • The average number of days on the market was 212 versus 349 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 was 4% versus 14% the prior week.
  • The Number 1 contract for the eighth time this year was at 432 Park $ 72B asking $30.9 million. Went into contract 3 weeks after being listed.
  • The Number 2 contract was townhouse at 24 West 74th Street asking $11.995 million reduced from $15 million. The owner paid $13,715,675 for it in 12/2017.