LUXURY MARKET REPORT 2020


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
March 2-8, 2020

27 Contracts Signed

Twenty-seven contracts were signed last week at $4 million and above, tying last week’s total. Which begs the question: What’s the reason for the recent strong performance in the Manhattan luxury market? The lowest interest rates in 50 years–since Freddie Mac started keeping track in 1971---perhaps outweigh an extremely volatile stock market that has been sliding rapidly off its highs. Yes, asking prices have been dropping, but they can’t completely account for the past few weeks of healthy sales.

Stat Geek Alert: The total number of contracts signed in the past 2 weeks (54) tied the best 2-week performance since the end of June 2019, when 54 contracts were also signed.

The No. 1 contract was TWNHW at 601 Washington Street, asking $19,942,500. This triplex condo has 7,977 square feet including 4 bedrooms and 5.5 bathrooms. The lower level has a screening room, fitness room, yoga room, and wine cellar. The middle floor features an entertainment space with a living room and fireplace, plus a 1,018-square-foot courtyard. Upstairs are 4 bedrooms. The unit has its own elevator. Amenities in this new 9-story, 10-unit condo building, designed by BKSK Architects, include a concierge, fitness room, rooftop terrace, and storage.

The No. 2 contract was 31A at 2 Park Place, asking $19.45 million, reduced from $26.4 million when it was being sold off of floorplans in July 2015. The condo has 5,991 square feet including 4 bedrooms and 4.5 bathrooms. It has a 73-foot entertaining expanse, plus 2 terraces --off the kitchen and bedroom—that total 632 square feet. Amenities in the building known as The Woolworth Tower Residences include a concierge, fitness center, pool, residents’ lounge, wine cellar and tasting room.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 2 0 1 Avg.Ask:
$4,890,000
4
Condos 0 3 3 11 Avg.Ask:
$8,053,971

Avg.$/sq.ft.:
$2,638/sq.ft.

Avg.Size:
3,053 sq.ft.
17
Condops * 1 0 0 0 Avg.Ask:
$6,500,000

Avg.$/sq.ft.:
$2,167/sq.ft.

Avg.Size:
3,000 sq.ft.
1
Townhouses 1 0 1 3 Avg.Ask:
$9,618,800

Avg.$/sq.ft.:
$1,689/sq.ft..

Avg.Size:
5,697 sq.ft.
5
TOTALS 3 5 4 15 27
Total Weekly Asking Price Sales Volume: $216,681,500
Average Asking Price: $8,025,241
Median Asking Price: $6,395,000
Average Discount from Original Ask to Last Asking Price: 16%
Average Days on Market: 550
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 22 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 5 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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