LUXURY MARKET REPORT 2020


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
February 24-March 1, 2020

27 Contracts Signed

Twenty-seven contracts were signed last week at $4 million and above, tying the total for the same week in 2018. For some more good news: It was the largest total since the third week in November 2019, when 30 contracts were also signed. Surprisingly, buyers seemed to shake off the stock market’s worst performance since the financial crisis in 2008. Fear of the Coronavirus (Covid-19) caused the Dow to drop 3,583 points (12.4%). Going forward, the impact of the virus on both the stock market and the Manhattan luxury market remains to be seen.

The No.1 contract was a townhouse at 125 East 92nd Street, asking $16.25 million; it was listed in September. The 25-foot-wide house was purchased for $2.510 million in 2003, and gut-renovated in a contemporary style including a rear façade constructed of glass. It has 7,640 square feet including 6 bedrooms, 4 bathrooms, 3 powder rooms, and 3 fireplaces. It has a robust infrastructure including a hydraulic elevator, five-zone central air conditioning, a humidification system, gas and radiant heat, a water filtration system, a generator, and a security system. Real estate taxes total: $71,196.

The No. 2 contract was N16A at 565 Broome Street, asking $12.995 million, reduced from $14.5 million when the unit was offered off of floorplans in 2016. Now finished, the duplex condo has 3,397 square feet including 3 bedrooms and 3.5 bathrooms. The wow factor is a corner living room that opens onto a 2,200 square foot terrace with a heated saltwater pool and an outdoor kitchen. This new building was designed by Pritzker Prize-winning architect Renzo Piano, who also designed the new Whitney Museum. Condo amenities include a concierge, gym, a 55-foot indoor lap pool, a steam room, sauna, spa, and yoga studio, plus a children’s playroom and parking.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 3 1 0 2 Avg.Ask:
$6,163,333
6
Condos 1 4 0 13 Avg.Ask:
$7,083,833

Avg.$/sq.ft.:
$2,405/sq.ft

Avg.Size:
2,945 sq.ft.
18
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 0 0 2 Avg.Ask:
$11,533,333

Avg.$/sq.ft.:
$2,332/sq.ft..

Avg.Size:
4,945 sq.ft.
3
TOTALS 5 5 0 17 27
Total Weekly Asking Price Sales Volume: $199,089,000
Average Asking Price: $7,373,667
Median Asking Price: $6,195,000
Average Discount from Original Ask to Last Asking Price: 10%
Average Days on Market: 368
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 24 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 3 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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