Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
October 19-25, 2020

16 Contracts Signed

Sixteen contracts were signed last week at $4 million and above, two more than the previous week and the week before that.

The No. 1 contract was a townhouse at 14 East 11th Street, asking $28.5 million; it was listed at the end of July. The 21-foot-wide, 5-story house has 7,411 square feet including 5 bedrooms, 6 bathrooms, 2 powder rooms, and an elevator. It has over 1,400-square feet of outdoor space including 3 terraces and a garden. The seller purchased the house for $21 million in 2017 after it had undergone a multi-year renovation--and then after they purchased the house, they renovated it all over again.

The listing broker was Jeremy Stein of Sotheby’s International Realty, who said he could not disclose the buyer’s broker or anything about the buyer. He said the house sold in a bidding war between three buyers. “The deal came together pretty quickly—within a week,” said Stein. “The sellers took what was a perfectly mediocre developer-spec house and invested $9 million in it and took it down to the studs. They reconfigured the floors and made it better.” He added, “It was the nicest house I have ever stepped into--bar none.” Stein said the sellers had a change in plans. “They surely didn’t renovate thinking they were going to move so soon. For the short term, they are out of the city and it’s unclear what they are going to do.”

The No. 2 contract was 14A at 21 East 61st Street, asking $15.45 million, reduced from $24.9 million when it was listed in April 2019. The seller purchased the unit for $24,237,600 in March 2015. The co-op has 5 bedrooms, 5.5 bathrooms, and 3 terraces. It is in excellent condition. Two of the terraces flank a 31-foot living room. The apartment is in the Carlton House, a 16-story building that was built as a hotel in 1950, and was later converted into a 69-unit co-op that has condo rules. Amenities include concierge, doorman, a fitness center with a swimming pool, and bike and storage facilities.

The listing broker was Brad Ingalls of Sotheby’s International Realty, and the buyers were represented by Patty Lehan of Douglas Elliman. Ingalls said that a family from Brooklyn bought the unit and came to see it around 5 times spanning a period before and after the New York State lockdown. He said, “They are a growing family and wanted a little more space.” Lehan said, “It was a great deal and at the end of the day, it made them feel good about buying it.”



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 2 1 0 0 Avg.Ask:
$9,403,333
3
Condos 1 3 1 4 Avg.Ask:
$6,796,333
Avg.$/sq.ft.:
$2,470/sq.ft.
Avg.Size:
2,752 sq.ft.
9
Condop* 0 0 0 1 Avg.Ask:
$5,500,000
0
Townhouses 1 1 0 1 Avg.Ask:
$13,450,000
Avg.$/sq.ft.:
$2,318/sq.ft.
Avg.Size:
5,804 sq.ft.
3
TOTALS 4 5 1 6 . 16


*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 13 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 3 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
October 19-25, 2020
Total Weekly Asking Price Sales Volume: $135,242,000

Average Asking Price: $8,452,625

Median Asking Price: $6,085,000

Average Discount from Original Ask to Last Asking Price: 15%

Average Days on Market: 565









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