Luxury Market Update - Residential New York

Charlar Acar  |  December 29, 2022

Market Update

Luxury Market Update - Residential New York

26 contracts were signed last week in Manhattan at $4 million and above, 10 more than the previous week. Condos outsold co-ops, 15-8, and 3 townhouses in the West Village were in the mix.

Stat Geek Alert: The last time Christmas landed on Sunday was in 2016, when 17 contracts were signed. Those 26 contracts signed last week marked the 2nd best Christmas-week performance in the last 10 years. The record was set last year, when 42 contracts were signed, the highest Christmas-week total since we started keeping track in 2006. The 10-year Christmas-week average is 16 contracts.

Stat Geek Alert 2: One reason for last week’s Santa Claus rally: The average drop in price (from the original to the last asking price) among the 26 contracts signed was….20%. You read that right!!!

There was a tie for the top spot between a West Village townhouse and a Fifth Avenue co-op---both asking $25 million.

The townhouse was at 252 West 12th Street. The 21-foot-wide, 4-story house has 4,875 square feet including 5 bedrooms and 4.5 bathrooms. The ground floor features a bedroom, gym, and a family room that opens onto a garden. The 3rd floor encompasses a master suite, and the roof has a terrace. The house has been renovated but doesn’t have an elevator. This is the 3rd time it has traded in the last 5 years. It sold twice for $19 million in 2017, and then again in 2019, when the current sellers purchased the home from Aileen Getty.

The other No. 1 contract was 9/10C at 1040 Fifth Avenue, asking $25 million, reduced from $32 million when it started on the market at the end of April 2021. The prewar, duplex co-op has 14 rooms including 4 bedrooms, 6.5 bathrooms, 3 staff rooms, and 4 fireplaces. The downstairs living room, formal dining room, and library face Central Park. Upstairs, the master bedroom with a dressing room and 2 other bedrooms face Central Park. The unit needs to be completely renovated, and the co-op board does not allow mortgage financing. Amenities include doormen, elevator operators, and storage.

Report by @olshanrealty

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