Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
January 4-10, 2021

27 Contracts Signed

Twenty-seven contracts were signed last week at $4 million and above, a silver lining that started lighting up the Manhattan luxury landscape in early November. What’s even more remarkable is that so many deals have occurred in the midst of a raging global pandemic.

Stat Geek Alert I: Last week registered the largest total of signed contracts at $4 million and above since the first week of March 2020, when 27 contracts were also signed.

Stat Geek Alert II: Over half of the contracts were sponsor sales, as developers rode the wave of discounted prices, low interest rates, and a soaring stock market.

The No. 1 contract was PH18 at 109 East 79th Street, asking $32.5 million. It has 6,448 square feet including 5 bedrooms, 5.5 bathrooms, and 3 terraces off the library, living room, and dining room that total 510 square feet. The unit has a dramatic 34-foot living room with a 20-foot ceiling. It is one of 5 penthouse units in the building.

This condo is a new entry in the luxury market, developed by Legion Investment Group’s Victor Sigoura, who previously worked for Naftali Group. It occupies a 100-foot lot, and is designed by Steven Harris Architects with 31-units on 20 floors. Completion is expected in 2022. Amenities include doormen, a regulation-size squash court that converts to a basketball court, a gym, golf simulator, game room, and a spa treatment center. The buyer lives on the Upper East Side, and contacted the developer with a phone number that was posted on the construction site. Cathy Franklin of the Corcoran Group is handling onsite sales, and she negotiated the deal directly. “Everyone was saying they were leaving New York,” said Franklin. “And now they are all coming back.”

The No. 2 contract was the 9th floor at 1010 Park Avenue, asking $15.9 million, reduced from $18 million when it started on the market in June 2017. The unit has 3,881 square feet including 4 bedrooms and 4.5 bathrooms. It is in a new building, developed by Extell, which demolished the 25-foot-wide annex of Park Avenue Christian Church to build this 15-story condo. Hilary Landis and Beth Benalloul of Corcoran represented the developer, and the buyers are a New York family represented by Kyle Blackmon of Compass.

“There was pent-up demand, and there are some very good large properties out there that are selling,” said Landis. “It’s Park Avenue, a full floor, impeccable finishes, with a lot of amenities. There’s a pool and only 11 apartments in the building. In Covid times, a small boutique building is often more desirable.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 1 0 0 0 Avg.Ask:
$7,500,000
1
Condos 5 1 0 17 Avg.Ask:
$7,609,957
Avg.$/sq.ft.:
$2,739/sq.ft.
Avg.Size:
2,778 sq.ft.
23
Condop* 0 1 0 0 Avg.Ask:
$5,500,000
0
Townhouses 1 0 0 1 Avg.Ask:
$5,445,000
Avg.$/sq.ft.:
$1,424/sq.ft.
Avg.Size:
3,823 sq.ft.
2
TOTALS 7 2 0 18 . 27


*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 25 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 2 CONTRACTS SIGNED ON TOWNHOUSES

Donna Olshan, President
cell: 917-287-0458
home: 212-751-3300 x110
dso@olshan.com

Emily Chen, Private Wealth Real Estate Services
Chief of Research
917-853-9235
ecc@olshan.com



Source: Olshan Realty




QUICK STATS

for the week of
January 4-10, 2021
Total Weekly Asking Price Sales Volume: $198,919,000

Average Asking Price: $7,367,370

Median Asking Price: $5,995,000

Average Discount from Original Ask to Last Asking Price: 6%

Average Days on Market: 718









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