As July 2024 gave way to August, the number of Manhattan contracts signed increased by 9% week-over-week. However, owing to fewer luxury deals signed as compared to the prior week, the median asking price dipped during this time as a flurry of less expensive units entered contract after spending less time on the market than their uber-luxury counterparts.
Trailing two townhouse contracts in the lead positions, Manhattan's apartment contracts were led by heavily discounted units in Trump Tower. Residence #61L was initially listed for $18 million in February 2018, or roughly a year into the former president's term; it has been on and off the market at gradually lower price points ever since, and ultimately entered contract with an asking price of $6,995,000. Public records indicate that the unidentified seller is poised to take a heavy loss, having bought the apartment for $14.3 million in August 2013.
The deep discount notwithstanding, the Trump Tower unit nevertheless tied for the week's top apartment contract and third-highest overall with Residence #13B at the Rosario Candela-designed 955 Fifth Avenue, which was also asking $6,995,000 in the top co-op contract of the week. This seller, too, will likely take a loss, but not nearly as deep, having paid $9,400,000 for it in October 2013.
The deep discount notwithstanding, the Trump Tower unit nevertheless tied for the week's top apartment contract and third-highest overall with Residence #13B at the Rosario Candela-designed 955 Fifth Avenue, which was also asking $6,995,000 in the top co-op contract of the week. This seller, too, will likely take a loss, but not nearly as deep, having paid $9,400,000 for it in October 2013.
In this article:
A few stories down at Trump Tower, Residence #48/49D was not far behind with an asking price of $6,900,000 in the fourth-highest contract of the week. This, too, represents a price reduction, though not as deep as its upstairs neighbor. It was initially listed for $9 million in June 2019 and entered contract in early March 2020, only to return to the market days later, shortly after New York went on lockdown; it has been on and off the market ever since. It is not clear how much the seller paid for it.
Also like its upstairs neighbor, this Trump Tower unit tied for its rank in the top ten contracts of the week. Residence #11A at Tribeca's River Lofts also entered contract with an asking price of $6,900,000 last week. This unit has been on and off both the sales and rental markets since 2015; and, if it sells for the asking price, the unidentified seller will make a generous profit, having bought it for $3,207,487 in September 2005 (per public records).
Also like its upstairs neighbor, this Trump Tower unit tied for its rank in the top ten contracts of the week. Residence #11A at Tribeca's River Lofts also entered contract with an asking price of $6,900,000 last week. This unit has been on and off both the sales and rental markets since 2015; and, if it sells for the asking price, the unidentified seller will make a generous profit, having bought it for $3,207,487 in September 2005 (per public records).
Beyond Trump Tower, it was a good week for new development condos in Midtown East. A total of $10,195,000 across four contracts was signed at Sutton Tower, the tallest building in Sutton Place. These one- and two-bedroom units benefit from expansive East River and Manhattan skyline views, interiors by Thomas Juul-Hansen, five floors of private wellness and social amenities, and a peaceful address with easy access to both Midtown East and the Upper East Side.
To the west, three contracts were signed at Monogram, a new building with an Art Deco-inspired crown, interiors with clean lines and high-end finishes, and a modern amenity suite. However, the greatest perk may be its proximity to Midtown East offices: One Vanderbilt opened to great aplomb in September 2020; work is underway on JPMorgan Chase's new headquarters at 270 Park Avenue in preparation for a planned 2025 opening; and a new crop of announced Midtown East office towers includes 175 Park Avenue, 350 Park Avenue, Louis Vuitton Tower at 1 East 67th Street, Rolex Tower at 665 Fifth Avenue, 415 Madison Avenue, 343 Madison Avenue, and 415 Park Avenue.
In addition to the new towers on the horizon, the Department of Transportation is working on a plan to reinvent the malls dividing Park Avenue between East 42nd and 57th Streets. Bloomberg notes that they were last renovated in the late 1920s, when they were narrowed to accommodate more cars. Nearly 100 years later, the car-free Summer Streets has become a beloved summer tradition, and the Department of Transportation has announced plans to double the width of the malls to allow for more greenery, a move that would leave less room for cars by default. One of the biggest woes of Midtown East is its lack of parkland to offset its high building density, but this plan could create a more enjoyable streetscape for residents and employees alike.
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
#10. Ansonia on 12th Street, #PHE
Last Ask: $4,100,000
Park Slope | Condominium | 4 Bedrooms, 3 Baths | 2,420 ft2
Ansonia on 12th Street, #PHE (Corcoran Group)
#9. 66 Reade Street, #TH
Last Ask: $4,500,000
Tribeca | Condominium | 3 Bedrooms, 3.5 Baths | 3,622 ft2
66 Reade Street, #TH (Compass)
#8. 240 East 33rd Street, #TH
Last Ask: $4,695,000
Murray Hill | Townhouse | 4 Bedrooms, 5.5 Baths | 5,688 ft2
240 East 33rd Street, #TH (Brown Harris Stevens Residential Sales LLC)
#7 (tie). The Four Seasons Private Residences, #72C
Last Ask: $4,995,000
Tribeca | Condominium | 3 Bedrooms, 3 Baths | 1,815 ft2
The Four Seasons Private Residences, #72C (Compass)
#7 (tie). 830 Park Avenue, #MAISA
Last Ask: $4,995,000 (-15.3%)
Park/Fifth Ave. to 79th St. | Cooperative | 4 Bedrooms, 3 Baths
830 Park Avenue, #MAISA (Douglas Elliman Real Estate)
#6. 450 Washington Street, #405
Last Ask: $5,995,000 (-6.2%)
Tribeca | Condop | 3 Bedrooms, 4 Baths | 2,338 ft2
450 Washington Street, #405 (Corcoran Sunshine Marketing Group)
#5. The Astor, #1223
Last Ask: $6,250,000
Broadway Corridor | Condominium | 4 Bedrooms, 5.5 Baths | 2,936 ft2
The Astor, #1223 (Douglas Elliman Real Estate)
#4 (tie). River Lofts, #11A
Last Ask: $6,900,000
Tribeca | Condominium | 3 Bedrooms, 4 Baths | 2,666 ft2
River Lofts, #11A (Corcoran Group)
#4 (tie). Trump Tower, #48/49D
Last Ask: $6,900,000 (-16.4%)
Midtown East | Condominium | 4 Bedrooms, 4.5 Baths | 3,316 ft2
Trump Tower, #48/49D (Douglas Elliman Real Estate)
#3 (tie). 955 Fifth Avenue, #13B
Last Ask: $6,995,000 (-3.5%)
Park/Fifth Ave. to 79th St. | Cooperative | 3 Bedrooms, 4 Baths
955 Fifth Avenue, #13B (Brown Harris Stevens Residential Sales LLC)
#3 (tie). Trump Tower, #61L
Last Ask: $6,995,000
Midtown East | Condominium | 3 Bedrooms, 2.5 Baths | 2,510 ft2
Trump Tower, #61L (Keller Williams NYC)
#2. 10 East 82nd Street, #TH
Last Ask: $11,500,000 (-8%)
Carnegie Hill | Townhouse | 6+ Bedrooms, 6+ Baths | 5,737 ft2
10 East 82nd Street, #TH (Compass)
#1. 31 Grove Street, #TH
Last Ask: $15,295,000 (-10%)
West Village | Townhouse | 5 Bedrooms, 4.5 Baths | 4,230 ft2
31 Grove Street, #TH (Douglas Elliman Real Estate)
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
Would you like to tour any of these properties?