LUXURY MARKET REPORT 2020


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
March 23-29, 2020

2 Contracts Signed

And then there were 2.

Meaning only 2 contracts were signed last week at $4 million and above, the end of a decent streak when you consider Life In The Time of the Coronavirus. The last time this report recorded only 2 contracts signed in a single week was the week of August 17-23, 2009.

Stat Geek Alert: Was there ever a time when we saw 0 contracts signed in a single week? Yes! December 21-27, 2009.

Despite the precipitous drop in the stock market, lower prices and low interest rates fueled that recent streak. Ironically, the stock market rebounded last week to rally almost 2,500 points, the best weekly performance since 1938. But the coronavirus paralyzed the luxury real estate market, and on March 20, New York Governor Andrew Cuomo ordered a mandatory shutdown of all non-essential businesses beginning March 22 at 8pm. This included the residential real estate market, making it a misdemeanor to show a property, which may mean fines that could exceed $2,000 and the possible revocation or suspension of the agent’s license.

The No. 1 contract was Apartment 3 at 397 West 12th Street, asking $11.25 million, reduced from $18.5 million when it was listed in April 2017. Over a period of 3 years, it has switched brokerage firms 3 times, and by December 2019, the price was down to $12.25 million and then it was withdrawn from the market. The 3rd broker was the charm: Matthew Coleman of Coleman Real Estate, who re-listed the unit on March 6 with a $1 million price drop. Coleman’s other strategies: restaging the unit’s entertainment space using IMG stagers and re-photographing the unit. On March 18, the buyer visited the property and started negotiating as other interested parties evacuated the city. The price was negotiated over a period of 2 days, followed by a home inspection. The buyer, represented by an agent at Compass, saw the unit only once. Coleman said the buyer and seller “were well aware of what was happening and seeing the world.” He added: “They had steady hands,” but he would not discuss the contract price.

The unit is a duplex condo with 6,166 square feet including 5 bedrooms and 5.5 bathrooms. It has a great room with 19-foot ceilings flanked by 2 loggias. It was purchased as a white box from the developer for $6,364,063 in January 2010, and then renovated by famed architect Deborah Berke, the dean of Yale School of Architecture. Monthly common charges and real estate taxes total $19,156. This 5-unit condo building finished construction in 2010. Amenities include a fulltime doorman, superintendent, and storage.

The No. 2 contract was C704 at 200 East 66th Street, asking $5.25 million when it was listed in June. The owners paid $5,396,725 in January 2012. The broker, Fiona Dumas of Compass, represented both sides of the transaction. Fiona reported that the buyer was an investor from California whom she has represented in the past and was looking for a good deal to buy and rent out. The seller had moved to Florida and rarely used the apartment. Dumas showed the property several weeks ago to the client by using FaceTime. The negotiations stretched over a period of 2 weeks. The price was negotiated, then re-negotiated again—and was signed on March 23. Dumas would not reveal the price or range.

The unit has 3,007 square feet including 4 bedrooms, 3.5 bathrooms, and 2 balconies. A typical 4-bedroom unit in this condo building, known as The Manhattan House, rents in an estimated range of $25,000-$30,000 per month. Amenities include doorman, concierge, gardens, a large fitness center, children’s playroom, and storage.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 0 0 0 0 Avg.Ask:
0
Condos 1 0 0 1 Avg.Ask:
$8,250,000

Avg.$/sq.ft.:
$1,799/sq.ft.

Avg.Size:
4,587 sq.ft.
2
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:
.

Avg.Size:
0
TOTALS 1 0 0 1 2
Total Weekly Asking Price Sales Volume: $16,500,000
Average Asking Price: $8,250,000
Median Asking Price: $8,250,000
Average Discount from Original Ask to Last Asking Price: 33%
Average Days on Market: 672
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 2 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 0 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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