Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
August 3-9, 2020

6 Contracts Signed

Only 6 contracts were signed last week at $4 million and above, 3 more than the previous week---but it’s been the slowest start to August since 2009.

Stat Geek Alert: Between March 22, when New York State was locked down, and August 9, 21 contracts were signed asking $10 million and above compared to 77 in the same 20-week period last year.

The No. 1 contract last week was 307 East 10th Street, a 5-story, 25-foot-wide townhouse, asking $8.9 million, reduced from $9.4 million when it was listed in January. The house has been divided into 5 rentals and needs to be renovated. Annual taxes are $19,566.

The No. 2 contract was 147 West 15th Street, asking $7.9 million. This duplex co-op has 5 bedrooms and 5.5 bathrooms with over 6,000 square feet. It includes a 4’ x 19’ balcony downstairs and a 6’ x 60’ terrace upstairs. The unit has city views. The seller was the actress Susan Sarandon, who originally bought the unit in the 1990s with partner Tim Robbins. After the couple split, Sarandon purchased Robbins’ share for $3.2 million in 2011.

The unit sold within 2 weeks of listing, and was an all-cash transaction. The exclusive brokers were Nikki Field and Mara Flash Blum of Sotheby’s International Realty. Blum said, “We were not expecting so many inquiries in a short period of time. This is a special loft with beautiful views, vast open space, an outdoor terrace, and balcony.”

She added, “There were 5 local families with school-age children who visited, as well as several empty nesters whose children are also living in New York City. The young families all wanted space for the children to be home-schooled, and they also wanted space for home offices. A duplex home provides the separation between school and work.”



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 0 0 0 1 Avg.Ask:
$7,900,000
1
Condos 0 1 0 3 Avg.Ask:
$4,935,750
Avg.$/sq.ft.:
$2,126/sq.ft.
Avg.Size:
2,322 sq.ft.
4
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses 0 0 0 1 Avg.Ask:
$8,900,000
Avg.$/sq.ft.:
$1,257/sq.ft.
Avg.Size:
7,080 sq.ft.
1
TOTALS 0 1 0 5 . 6


*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 5 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 1 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
August 3-9, 2020
Total Weekly Asking Price Sales Volume: 36,543,000

Average Asking Price: 6,090,000

Median Asking Price: 5,722,500

Average Discount from Original Ask to Last Asking Price: 1%

Average Days on Market: 289









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