LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
April 27-May 3, 2020

1 Contracts Signed

And then there was One!

Only 1 contract was signed last week in Manhattan at $4 million and above. When was the last time that happened? The week of February 2-8, 2009.

Stat Geek Alert: In the last 6 weeks, only 14 contracts have been signed at $4 million and above totaling $111,745,000 compared to 135 contracts that totaled $1,029,844,699 in the same 6-week period last year.

The No.1 and only contract was 61BT at 146 West 57th Street, asking $9.25 million, reduced from $10.25 million when it was listed on October 1. The unit, in Metropolitan Tower condominium, has 3,632 square feet including 5 bedrooms and 2.5 bathrooms; it also has almost 80 feet of frontage overlooking Central Park. The condo is a combination of 2 apartments that were purchased separately for a total of $6.7 million between December and January of 2007-2008. Monthly common charges and taxes total $10,981. Amenities include a concierge, fitness center, pool, roof deck, and private restaurant.

The listing brokers were Matteo Saggese, Julianne Bond, and Pedro Crespo of Triplemint. The buyer’s broker was Daniel Chun of Compass. The buyer lives in the building in a smaller unit and saw 61BT only once. But the brokers described the deal as the result of a long and grueling negotiation that started in November and ended with an accepted offer in January. Subsequent months were dedicated to due diligence, closing a building permit, and contract negotiations. By March, a contract had been finalized--but the pandemic caused the market to fall apart and the following month was spent renegotiating the price. When Chun was asked why the buyers hung in, he said: “The need didn’t change…fortunately, both parties were able to adjust and move the deal forward.” A contract was signed on April 30.

Stay safe folks!!



EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 0 0 0 0 Avg.Ask:
0
Condos 0 0 1 0 Avg.Ask:
$9,250,000
Avg.$/sq.ft.:
$2,547/sq.ft.
Avg.Size:
3,632 sq.ft.
1
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
TOTALS 0 0 1 0 1


*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 1 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 0 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
April 27-May 3, 2020
Total Weekly Asking Price Sales Volume: 9,250,000

Average Asking Price: 9,250,000

Median Asking Price: 9,250,000

Average Discount from Original Ask to Last Asking Price: 10%

Average Days on Market: 212









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