LUXURY MARKET REPORT 2020


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
May 18-24, 2020

3 Contracts Signed

Three contracts were signed last week at $4 million and above, one more than the previous week.

Stat Geek Alert: In the last 9 pandemic weeks, 25 contracts have been signed at $4 million and above totaling $182,245,000. In the same 9-week period last year, 207 contracts were signed totaling $1,748,949,699.

The No. 1 contract was 20E at 30 Riverside Boulevard, asking $5,515,000. The condo has 2,018 square feet including 3 bedrooms, 3.5 bathrooms, and a 1,149-square-foot terrace that wraps around most of the apartment. It has east and north views of the Hudson River. Representing the developer was Norma-Jean Callahan and Jose Alvarez of Corcoran Sunshine. The buyer was represented by Adam Widener of Douglas Elliman.

In September, the buyer came to see the unit in the building known as 2 Waterline Square, one of three new buildings that comprise the Waterline Square complex, which was developed on a 5-acre parcel on Riverside Boulevard between 59th and 61st Street.

The buyer returned in February, and in the beginning of March, he made an offer. Callahan said that the pandemic had made outdoor space even more desirable: “The terrace space is very coveted now for many people, and the terrace was the reason he bought this.” She said Waterline’s marketing shifted slightly and now emphasizes the building’s air and water filtration system that she said were “hospital-grade rated.”

The building has 160 units on 38 floors, and was designed by Kohn Pederson Fox. Owners have access to a 100,000-square-foot amenity package that includes a large fitness center. Other amenities include an indoor tennis court, a 25-meter lap pool with adjacent children’s pool and spa pool, full-court basketball, squash court, indoor soccer field, rock climbing wall, golf simulator, children’s room, game room, music and recording studio, art studio, screening room, dog playroom, and storage.

The No. 2 contract was 4N at 173 Perry Street, asking $4.595 million, reduced from $5.590 million when it was listed in June 2017. The condo has 1,817 square feet including 2 bedrooms and 2.5 bathrooms. The living room—with a balcony—and the master overlook the Hudson River. It is in one of a pair of glass box buildings designed by Pritzker-prize winning architect Richard Meier around 1999-2000. There is one apartment per floor, and units were sold as raw spaces. The owner purchased 4N in 2003 for $2 million and then renovated. For the last decade or more, the unit has been rented out, at times for as high as $20,000 per month, and it is still occupied by a tenant.

The seller was represented by Brett Miles and Robin Lyon-Gardiner of Douglas Elliman. The buyer was represented by Lucila Werthein, also from Douglas Elliman. The buyer saw the unit only once—in the beginning of March. He waited until the middle of April to make an offer that stretched into a 2-week negotiation, prolonged by both parties being overseas. The contract was not contingent on financing, and the buyer planned on getting a mortgage. Miles said the mortgage rates are so low that “it’s almost free. Most of the all-cash buyers don’t want to pay cash anymore and are looking to get a mortgage.”

For those interested, Forbes.com published my article last week on the new Heroes Act that just went to the Senate and has a provision that reinstates the SALT deductions. I also published an article today on the frenzy over Hamptons real estate. If you want to read the articles and receive my upcoming articles, please click on the Follow box and sign up: https://www.forbes.com/sites/donnaolshan/#42a999173991

Stay safe folks!


East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 0 0 0 0 Avg.Ask:
0
Condos 0 1 0 2 Avg.Ask:
$4,703,333

Avg.$/sq.ft.:
$2,300/sq.ft.

Avg.Size:
2,045 sq.ft.
3
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:
.

Avg.Size:
0
TOTALS 0 1 0 2 3
Total Weekly Asking Price Sales Volume: $14,110,000
Average Asking Price: $4,703,333
Median Asking Price: $4,595,000
Average Discount from Original Ask to Last Asking Price: 9%
Average Days on Market: 788
*Condops are mixed-use co-op buildings with condo space typically in the commercial or non-residential portion of the building.

CLICK HERE TO VIEW 3 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 0 CONTRACTS SIGNED ON TOWNHOUSES


Donna Olshan
President
dso@olshan.com

Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com

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Donna Olshan and Olshan Realty
All Rights Reserved




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