Fair Housing Notice

LUXURY MARKET REPORT 2021
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
February 15-21, 2021

36 Contracts Signed

Thirty-six contracts were signed last week at $4 million and above, only 2 fewer than the previous week, which I noted was “a spectacular number by any standard.”

Stat Geek Alert: In the last 3 weeks, 104 contracts have been inked at $4 million and above, totaling $851,247,999. It was the strongest 3-week performance since the last week in April and the first 2 weeks in May 2015, when 104 contracts were signed, totaling $780,579,744.

The No. 1 contract was the 5th floor at 1045 Madison Avenue, asking $13,450,000. The condo has 4,196 square feet including 6 bedrooms and 5.5 bathrooms, plus a 366-foot terrace off the back bedrooms. The apartment is in The Benson, a 15-unit, 18-story building designed by architect Peter Pennoyer, and developed by Naftali Group. It has defied pandemic gravity with 3 price increases since it started marketing off of floorplans in September. Amenities include a concierge, roof terrace, fitness center, half-court basketball, a children’s playroom, a library with a garden, and a pet spa.

The buyers are a family living in Tribeca who came directly to the sales office overseen by Alexa Lambert and Alison Black of Compass. “They came once in the first week in February,” said Lambert. “They are moving uptown to be closer to the schools where they think they want their son to go.”

The No. 2 slot was a tie between a condo and a townhouse, both asking $12,995,000. The condo is 18C at 10 Madison Square West, and has 2,527 square feet with 11-foot ceilings and includes 3 bedrooms and 3.5 bathrooms. A 2,167-square-foot terrace surrounds the unit. Amenities include a concierge, doorman, 60-foot pool, fitness center, and a courtyard. The seller bought the condo off of floorplans in July 2013 and closed for $13,621,140 in May 2017.

Douglas Elliman had both sides of the transaction--Tom Postilio and Mickey Conlon represented the seller and Michael Kafka represented the buyer. Postilio said the buyer first saw the unit in the beginning of November and made an offer. He said there were 5 offers from November to February, and the deal ultimately ended up in a bidding war when another buyer emerged at the last minute. Conlon said they showed the unit about 24 times. “This is a one-off unit in the building,” said Conlon. “It has a wraparound terrace overlooking Madison Square Park. and the outdoor space was the big selling point.”

The other No.2 deal was a 20-foot-wide townhouse at 40 East 67th Street that has been on and off the market since June 2016, starting at $19.250 million. The asking price was finally lowered to $12.995 million a year ago. The house has 5,230 square feet including 4 bedrooms, 3 bathrooms, 2 powder rooms, 6 fireplaces, and an elevator. It needs to be renovated. Leonard Steinberg of Compass represented the seller.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 5 0 0 2 Avg.Ask:
$5,614,000
7
Condos 7 4 1 14 Avg.Ask:
$7,153,269
Avg.$/sq.ft.:
$2,451/sq.ft.
Avg.Size:
2,919 sq.ft.
26
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses 1 2 0 0 Avg.Ask:
$10,165,000
Avg.$/sq.ft.:
$1,697/sq.ft.
Avg.Size:
5,990 sq.ft.
3
TOTALS 13 6 1 16 . 36


*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 33 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 33 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
February 15-21, 2021
Total Weekly Asking Price Sales Volume: $255,778,000

Average Asking Price: $7,104,944

Median Asking Price: $6,000,000

Average Discount from Original Ask to Last Asking Price: 16%

Average Days on Market: 648









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