Manhattan luxury market takes hit with 19% decline in contracts in Q1: Olshan

This is the 3rd consecutive year-over-year fall

New York /
Mar.March 25, 2019 12:00 PM

1107 Fifth Avenue and unit 14S (left) and 111 Murray Street and unit 59West (right)

The forecast for Manhattan’s luxury residential market continues to be bleak, as year-to-date sales declined for the third consecutive first quarter.

There were 27 contracts above $4 million signed last week – valued at $199.5 million – according to the latest luxury market report from Olshan Realty.

The new deals brought the total luxury sales for 2019 to 229. This figure is a 19 percent decline in comparison to the same period in 2018, when 282 properties went into contract, which was 15 percent lower than 2017 sales. The number of first quarter days on the market has also spiked to 516, up from 469 in 2018 and 390 in 2017.

“In my opinion, the luxury market continued to scream: OVER PRICED!!!!!” wrote Donna Olshan, the realty firm’s president. She added that a recent drop in interest rates might generate some sales in the luxury market.

It was the fourth time in five weeks that total sales exceeded 20 deals. Last week’s sales included 15 condos, 10 co-ops and two townhouses. During the first week of February, just 15 deals were done.

The most valuable sale last week was apartment 14S at 1107 Fifth Avenue, which sold soon after it was listed, with an asking price of $21 million. The three-bedroom co-op features a library, two fireplaces and two terraces with a view over Central Park. It was sold by Howard Stringer, the former CEO and chairman of Sony, who paid $16 million in 2005.

At second place was apartment 59West at Steve Witkoff’s 111 Murray Street, which had an asking price of $16.9 million. The 3,892-square-foot condo has five bedrooms.  [Olshan] – David Jeans 


Related Articles

arrow_forward_ios
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)
For 15 years, David Koch lived at the world’s “richest building”
For 15 years, David Koch lived at the world’s “richest building”
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Here are the week’s top luxury sales
The average price of a London home rose above 500,000 pounds, or roughly $685,000, for the first time. (Getty)
London home prices hit new high
London home prices hit new high
(Illustration by The Real Deal)
Americans bought 5.6M homes last year — the most since the bubble
Americans bought 5.6M homes last year — the most since the bubble
Randy Mastro and 21 East 83rd Street (Photos via Getty; Google Maps)
Former deputy mayor Randy Mastro, lawyer in Lucerne controversy, lists UES home
Former deputy mayor Randy Mastro, lawyer in Lucerne controversy, lists UES home
Overall, the number of housing units that started construction last year was up 7 percent from 2019. (iStock)
Residential construction had busiest year since 2006: MBA
Residential construction had busiest year since 2006: MBA
Common Projects sneaker designer Peter Poopat bought the home in December. (Getty, Brown Harris Stevens)
$6.5M Fort Greene townhouse sale breaks neighborhood record
$6.5M Fort Greene townhouse sale breaks neighborhood record
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...