Manhattan Sales:
- For the week ending February 23, 2024, $236,073,937 worth of transactions across 144 condo, condop, and cooperative deals were recorded
- 64 condo sales came to an aggregate price of $142,719,832
- Five condop sales came to an aggregate price of $17,678,578
- 75 co-op sales came to an aggregate price of $72,975,329
In this article:
As we are less than two months into 2024 and the busy spring sales season still lies ahead, it may be a little early to make predictions about the Manhattan market. However, prices have been noticeably slipping in the first days of 2024: According to CityRealty data, Manhattan condos closed in 2024 are selling 14% less on average compared to Q4 2023, and prices for closed Manhattan co-ops are down 5% over the same time period.
Additionally, in terms of the average price per square foot of sold condos, five out of seven Manhattan submarkets show single-digit declines versus Q4 2023, with only the Financial District and Upper Manhattan showing price gains, by +1% and +5% respectively. It is hard to determine a root cause, but presidential election years are usually cause for market uncertainty.
Finally, last week was a quieter one than recently owing to the Presidents' Day federal holiday, which resulted in an abbreviated business week and therefore fewer sales recorded by default. However, some notable transactions nevertheless took place during this time.
Additionally, in terms of the average price per square foot of sold condos, five out of seven Manhattan submarkets show single-digit declines versus Q4 2023, with only the Financial District and Upper Manhattan showing price gains, by +1% and +5% respectively. It is hard to determine a root cause, but presidential election years are usually cause for market uncertainty.
Finally, last week was a quieter one than recently owing to the Presidents' Day federal holiday, which resulted in an abbreviated business week and therefore fewer sales recorded by default. However, some notable transactions nevertheless took place during this time.
The Stanhope, #7S (Douglas Elliman)
Condos and co-ops make up the majority of New York's housing stock. But as The Stanhope shows, condops are not to be counted out. Residence #7S had the top sale at $11,300,000. The building dates back to 1926, when it was built by Rosario Candela as the Stanhope Hotel. Decades later, when it was converted to residential use, the apartments retained grand prewar proportions and architectural details, but enjoy such modern features and amenities as home automation, health club with sauna and steam room, and in-house wine consultancy. Its status as a land-lease building made it a condop by default upon conversion, albeit one with liberal pet, pied-a-terre, and international buyer policies. Both the buyer and seller conducted the transaction through LLCs.
The top condo sale and second-highest overall was Residence #5N at 67 Vestry Street, a half-floor four-bedroom condo that closed for $9,500,000 in what appears to be an off-market deal. This building, too, is a residential conversion, following decades first as a warehouse building then as an artists' live/work residence that attracted the likes of Andy Warhol. The 13 units come in half- and full-floor configurations.
However, new construction remains in high demand. About a week after 200 Amsterdam Avenue logged the top Upper West Side contract of 2024 to date, the building is among the top sales with the half-floor, three-bedroom Residence #35B. It closed for $9,325,000 in the third-highest sale of the week. It was trailed by a three-bedroom unit at Maverick, a new construction Chelsea condominium, that closed for $4,495,357, or just above the asking price, for the fifth-highest sale of the week
Maverick, #15C (Douglas Elliman)
From the Listing:
This expansive 1,848-square-foot three-bedroom, three-and-a-half-bath residence features both southwestern and northeastern exposures and an exceptional entertaining space. The entry foyer leads into the graciously proportioned living and dining rooms with an adjacent chef’s kitchen. Oversized, southern-facing tilt-and-turn windows bathe the residence in natural light, while 7" wide white European oak flooring flows throughout. Anchored by a white Fantasy Marble island with a leather finish, the kitchen is complete with a fully integrated Miele appliance package including a dishwasher and wine fridge. White oak cabinetry by Scavolini, finished with oil-rubbed bronze metal surround accents and integrated under-cabinet lighting, complete with a Dornbracht mounted kitchen faucet in a platinum matte finish.
This expansive 1,848-square-foot three-bedroom, three-and-a-half-bath residence features both southwestern and northeastern exposures and an exceptional entertaining space. The entry foyer leads into the graciously proportioned living and dining rooms with an adjacent chef’s kitchen. Oversized, southern-facing tilt-and-turn windows bathe the residence in natural light, while 7" wide white European oak flooring flows throughout. Anchored by a white Fantasy Marble island with a leather finish, the kitchen is complete with a fully integrated Miele appliance package including a dishwasher and wine fridge. White oak cabinetry by Scavolini, finished with oil-rubbed bronze metal surround accents and integrated under-cabinet lighting, complete with a Dornbracht mounted kitchen faucet in a platinum matte finish.
6 Available Listings for Sale from $2,375,000
160 East 22nd Street, #PHB (Compass)
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From the Listing:
With only two apartments on the floor, this south, east, and west-facing home comes with a private landscaped roof deck featuring over 900 square feet of entertaining space. Stepping into this one-of-a-kind home you’re immediately wowed by the natural light beaming through the floor to ceiling glass windows that are amplified by the 47-foot great room. Set on the east side of the apartment is a gorgeous floating staircase that takes you to the private outdoor space. Upstairs is set up like a magical garden with incredible views. Wrapped in planter boxes and open city views, you can host a BBQ for 50+ while watching the sunset over the city.
The open kitchen is perfectly positioned in the center of the great room allowing you to show off your cooking skills while hanging with your family and friends. All the appliances are Miele and Sub-Zero and have been seamlessly integrated into the cabinetry for a sleek and modern look. There is also a wine fridge, ample storage, and island seating to go along with stone countertops.
With only two apartments on the floor, this south, east, and west-facing home comes with a private landscaped roof deck featuring over 900 square feet of entertaining space. Stepping into this one-of-a-kind home you’re immediately wowed by the natural light beaming through the floor to ceiling glass windows that are amplified by the 47-foot great room. Set on the east side of the apartment is a gorgeous floating staircase that takes you to the private outdoor space. Upstairs is set up like a magical garden with incredible views. Wrapped in planter boxes and open city views, you can host a BBQ for 50+ while watching the sunset over the city.
The open kitchen is perfectly positioned in the center of the great room allowing you to show off your cooking skills while hanging with your family and friends. All the appliances are Miele and Sub-Zero and have been seamlessly integrated into the cabinetry for a sleek and modern look. There is also a wine fridge, ample storage, and island seating to go along with stone countertops.
200 Amsterdam Avenue, #35B (Brown Harris Stevens)
From the Listing:
Accessed via a semi-private landing this 2,692-square-foot condominium combines an elegant, modern plan with views of Central Park, the Upper West Side and the Hudson River. A gracious foyer and gallery lead to the stunning corner living and dining area with 10’ ceilings, and French White Oak floors arranged in a chevron pattern. Floor-to-ceiling windows frame forever views to the east and north. The unit’s large open kitchen overlooks Central Park. Bespoke details include a stunning Calacatta marble island which provides seating for three and abundant work space and storage. With exposures north and west, the primary bedroom and bath overlook the historic neighborhood of the Upper West Side and the Hudson River.
Accessed via a semi-private landing this 2,692-square-foot condominium combines an elegant, modern plan with views of Central Park, the Upper West Side and the Hudson River. A gracious foyer and gallery lead to the stunning corner living and dining area with 10’ ceilings, and French White Oak floors arranged in a chevron pattern. Floor-to-ceiling windows frame forever views to the east and north. The unit’s large open kitchen overlooks Central Park. Bespoke details include a stunning Calacatta marble island which provides seating for three and abundant work space and storage. With exposures north and west, the primary bedroom and bath overlook the historic neighborhood of the Upper West Side and the Hudson River.
67 Vestry Street (Corcoran)
1 Available Listing for Sale for $11,995,000
The Stanhope, #7S (Douglas Elliman)
From the Listing:
The magnificent 4,357-square-foot home at 995 Fifth Avenue represents a brilliant marriage of classic Candela pre-war design to clean 21st century style. With a thoughtful renovation completed in winter of 2020, this home lies at the intersection of uptown elegance and downtown style.
A semi-private elevator landing flows graciously into a magnificent entrance featuring an Italian Rosewood gallery with a chic powder room. From the gallery, you are drawn into an expansive sun-drenched living room, and adjoining dining room all which open up to provide 42-feet of frontage overlooking Fifth Avenue, the Metropolitan Museum of Art and partial Central Park views, through three sets of large CitiQuiet soundproof double windows.
Adjacent to the living space is a huge, meticulously crafted 25-foot windowed gourmet eat-in kitchen featuring Smallbone of Devizes cabinetry, a Sub-Zero refrigerator, two Sub-Zero wine/beverage refrigerators, a Wolf oven, Miele dishwasher, and a large island finished in absolute-Carrara Marble, with incredible storage and ample seating.
The magnificent 4,357-square-foot home at 995 Fifth Avenue represents a brilliant marriage of classic Candela pre-war design to clean 21st century style. With a thoughtful renovation completed in winter of 2020, this home lies at the intersection of uptown elegance and downtown style.
A semi-private elevator landing flows graciously into a magnificent entrance featuring an Italian Rosewood gallery with a chic powder room. From the gallery, you are drawn into an expansive sun-drenched living room, and adjoining dining room all which open up to provide 42-feet of frontage overlooking Fifth Avenue, the Metropolitan Museum of Art and partial Central Park views, through three sets of large CitiQuiet soundproof double windows.
Adjacent to the living space is a huge, meticulously crafted 25-foot windowed gourmet eat-in kitchen featuring Smallbone of Devizes cabinetry, a Sub-Zero refrigerator, two Sub-Zero wine/beverage refrigerators, a Wolf oven, Miele dishwasher, and a large island finished in absolute-Carrara Marble, with incredible storage and ample seating.
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?
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