LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
March 9-15, 2020

21 Contracts Signed

Twenty-one contracts were signed last week at $4 million and above, an eye-popping total when you consider Life In the Time of the Coronavirus. As I noted in my report last week, a combination of low interest rates and falling prices seems to have outweighed the fear and volatility that have led to one of the worst 3-week performances in the history of the stock market. This week could be another story…

Stat Geek Alert I: The total number of contracts held up, but the dollar volume sank to $128, 505,000, significantly below the prior week’s volume of $216,681,500. The reason: The lower end of the luxury market is what moved last week with a $5.85 million median price. Only 1 property sold above $10 million.

Stat Geek Alert II: The last 3 weeks have shown that the discount from the original ask to the last asking price averaged 13%. (The average drop for all of 2019 was 10%.)

The No.1 contract was Unit 11/12 at 155 East 79th Street, asking $14.5 million, reduced from $16.0 million when it was listed in June 2018. The owner paid $15,428,738 in April 2016. This duplex condo has 4,268 square feet including 5 bedrooms and 5.5 baths. Downstairs features a 30-foot living room with a fireplace, plus a library with a 15’ x 7’ balcony. Upstairs are 4 bedrooms including a master suite with a large dressing room. Monthly common charges and taxes total $15,746. Amenities include a concierge, gym, and storage.

The No. 2 contract was PHA at 403 Greenwich Street, asking $8.25 million, reduced from $10.75 million when it was listed in January 2018. The penthouse condo has 4,176 square feet over 4 floors including 5 bedrooms, 6.5 bathrooms, and 3 terraces. It is a sponsor apartment in a 4-unit building that has a virtual doorman.



EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 0 0 0 1 Avg.Ask:
$4,750,000
1
Condos 3 2 2 11 Avg.Ask:
$6,072,778
Avg.$/sq.ft.:
$2,331/sq.ft.
Avg.Size:
2,605 sq.ft.
18
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses Avg.Ask:
$7,222,500
Avg.$/sq.ft.:
$1,580/sq.ft.
Avg.Size:
4,571 sq.ft.
2
TOTALS 4 3 2 12 21


*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 19 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 2 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


Select a Date to compare 2020 with previous years

Source: Olshan Realty




QUICK STATS

for the week of
March 9-15, 2020
Total Weekly Asking Price Sales Volume: 128,505,000

Average Asking Price: 6,119,286

Median Asking Price: 5,850,000

Average Discount from Original Ask to Last Asking Price: 13%

Average Days on Market: 591









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