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The two biggest contract-signings of last week took place on opposite sides of Central Park (360 Central Park West and its view shown above (Credit: Redundant Pixel and Michael Weinstein) The two biggest contract-signings of last week took place on opposite sides of Central Park (360 Central Park West and its view shown above (Credit: Redundant Pixel and Michael Weinstein)
Manhattan Contracts:

  • From June 20-26, 2022, a total of 189 townhouses, condos, co-ops, and condops entered contract
  • The average time on the market was 84 days
  • The total sticker price sum came to $393,567,800, and the median last asking price came to $1,300,000
  • There were a total of 87 condo deals, coming to a total of $230,718,000. They came to a median asking price of $1,695,000 and spent an average of 81 days on the market
  • The three condop deals came to a total of $3,145,000 and a median last asking price of $1,275,000. They spent an average of 36 days on the market
  • The 97 co-op deals aggregated to $145,304,800 and came to a median last asking price of $800,000. They spent an average of 83 days on the market
  • The two townhouse deals came to a total of $14,400,000 and a median last asking price of $7,200,000. They spent an average of 271 days on the market

Last week's contracts show that it was a quiet month for Manhattan real estate. There are only four days left to track in the month as as of this writing; if things continue this way, June 2022 could be the slowest month in terms of contract signings since December 2020. Between rising interest rates, inflation, stock market woes, and troubling national and international headlines, it is hard to cite any one factor in particular as a cause.

However, there was a small measure of good news: A report from the New York City Economic Development Corporation found that the city added a total of 13,800 private sector jobs in May 2022, making it the fourth consecutive month of job growth and bringing the city's unemployment rate to its lowest level since the start of the pandemic.
1060-Fifth-Avenue-01 Bruce Gelb and his former home at 1060 Fifth Avenue
The past week was an especially good one for prewar buildings, with the J.E.R. Carpenter-designed 1060 Fifth Avenue leading the charge. Apartment #10B was the longtime home of Bruce Gelb, who served as Commissioner for the United Nations and president of Clairol before being named the United States Ambassador to Belgium under the George H.W. Bush administration. He and his wife Lueza Gelb lived and entertained in their Fifth Avenue apartment for decades; following her death, the apartment was listed for $65 million in April 2016 and has been on and off the market ever since. Its $20,000,000 ask comes in 69.2% below the original, but was nevertheless the top contract of the past week.
On the opposite side of Central Park, a duplex penthouse with a wraparound terrace at the Rosario Candela-designed 360 Central Park West had the second-highest contract with a $16,495,000 asking price. Olshan Realty's market report notes that the CetraRuddy-designed apartment is still under construction; upon completion, it will feature a custom Christopher Peacock kitchen, a den with marble wet bar, spa-like baths, and custom closets in the primary suite. A separate studio on the fourth floor is also included in the purchase price. Other standouts include 36 Perry Street, a Greek Revival townhouse dating back to 1845 and asking $10,300,000, and a high-floor home at The Sherry Netherland asking $9,500,000.
However, for all the prewar contracts, the bloom is not quite off the rose of new developments. Things are still going strong at One Manhattan Square, the residential tower that transformed its section of Lower Manhattan with its soaring height and 100,000 square feet of amenity offerings. Last week saw a total of $12.7 million worth of contracts across six listings in the building, where apartments are going fast.

Top Contracts
1060-Fifth-Avenue-01 1060 Fifth Avenue (Corcoran)
1060-Fifth-Avenue-02 1060 Fifth Avenue, #10B (Sotheby's International Realty)
From the Listing:
This sprawling 10th floor residence is perched high atop one of Carnegie Hill’s most coveted prewar cooperatives and offers stunning views of Central Park and the Reservoir. Designed by the renowned architect J.E.R. Carpenter in 1928, this high floor apartment incorporates all of the period architectural elements that distinguish the great buildings of the late 1920s in New York City. The spectacular 15 into 13 room corner residence is perfectly positioned on Fifth Avenue to enjoy the absolutely dazzling views of Central Park and the fabulous sun-lit Southern exposures grace the apartment with amazing light throughout the day. Upon entry, a private elevator landing opens to a beautifully proportioned gallery which anchors the principal entertaining rooms, all overlooking Central Park.
3 Available Listings for Sale from $4,950,000

360-Central-Park-West-01 360 Central Park West (Corcoran)
360-Central-Park-West-02 360 Central Park West, #PHA (Argo Residential)
From the Listing:
Introducing PHA at Candela’s 360 Central Park West; a sprawling duplex that masterfully reimagines pre-war luxury for the modern age. Crafted to perfection by award-winning firm CetraRuddy, this home is truly a once in a generation offering. Streams of northern and eastern light accentuate the home surrounded by panoramic park and skyline views including the Jacqueline Kennedy Onassis Reservoir, the Guggenheim, and Billionaire’s Row. Your private 1,065-square-foot wraparound terrace awaits, offering a breathtaking setting for dinner parties, sun lounging, urban gardening, and life on the park.
2 Available Listings for Sale from $1,150,000

11-Beach-Street-01 11 Beach, #PHD (Corcoran)
From the Listing:
You’ve reached the pinnacle of contemporary Tribeca living in this sprawling five-bedroom, six-and-a-half bathroom luxury penthouse featuring magazine-worthy designer interiors and two en suite primary bathrooms atop coveted 11 Beach Street. Exclusive elevator access ushers you to this 5,457-square-foot showplace filled with wide-plank hardwood floors, soaring beamed ceilings, designer lighting and enormous windows on all four exposures. From the gracious entry, flanked by two walk-in closets and a powder room, you’re invited into the breathtaking corner living room surrounded by glorious light and open-sky views. Spanning more than 800 square feet, this palatial space welcomes lavish entertaining and comfortable relaxation, while a large pocket door reveals the dramatic media room, equally well-suited as a home office or sixth bedroom.
2 Available Listings for Sale from $6,500,000

36-Perry-Street-01 36 Perry Street (Corcoran)
From the Listing:
Positioned favorably in the middle of an attractive row of six stately townhouses is 36 Perry Street. Currently configured as a three-family townhouse, this late Greek Revival home was built in 1845 by John J. Palmer, president of the Merchants Bank.

The house is ready for a new owner to restore it to its single-family grandeur. At nearly 21’ feet wide, on a 95’ deep lot with a spectacular 38’ deep south facing garden and 3,332 existing square feet, 36 Perry possesses intangible qualities most Village buyers only dream of. This is an exceptional opportunity to live in the center of New York’s most desirable neighborhood.

781-Fifth-Avenue-01 The Sherry Netherland
From the Listing:
A sun-flooded, full-floor, tower residence at The Sherry Netherland with expansive views of Central Park and the Manhattan Skyline. Originally designed by renowned interior designer, Geoffrey Bradfield, this home is the epitome of elegance and sophistication. A private, gilded landing greets you upon exiting the attended elevator on the 29th floor. Enter into the formal gallery to the grandly scaled Great Room. Fronting directly on Fifth Avenue and Central Park, this vast entertaining space faces North and West. Lying adjacent is the spacious dining room/library, clad in custom millwork. Concealed by the millwork, there is a door to the windowed kitchen with Central Park views.
13 Available Listings for Sale from $1,799,000
1 Available Listing for Rent for $27,500/month

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