Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
May 25-31, 2020

5 Contracts Signed

Five contracts were signed last week at $4 million and above, two more than the previous week.

Stat Geek Alert I: In the month of May, only 16 contracts were signed at $4 million and above, totaling $100,480,000. This compared to May 2019, when 111 contracts were signed, totaling $1,054,710,000.

Stat Geek Alert II: In the month of May, only 1 contract was signed at $10 million and above compared to May 2019 when 27 contracts were signed.

The No. 1 contract last week was 5K at 155 West 11th Street, asking $7.25 million. The condo has 2,024 square feet including 3 bedrooms, 3.5 bathrooms, and a 205-square foot terrace off two of the bedrooms. The unit was never listed, and sold off-market by the estate of legendary real estate broker and philanthropist Robby Browne. He bought the property as an investment for $6,631,746 in January 2017, more than 4 years after signing a contract to buy it off of floorplans from the developer.

Robby’s listings were featured in this report many times over the years as the broker with the No.1 or No. 2 sale of the week. Sadly, he died in April of Covid-19 at the age of 72, after fighting a long battle with multiple myeloma. Representing the estate was Chris Kann and Maria Pashby of the Corcoran Group, who worked alongside Robby for the last 20 years. Cathy Franklin of Corcoran represented the buyer.

The apartment is in the Greenwich Lane, a 5-building complex comprised of 193 condos and 5 townhouses. Amenities include a concierge, doorman, parking, fitness center, a 25-meter swimming pool, golf simulator, garden, residents’ lounge, and children’s playroom.

Kann said the buyer bought the unit off of photos and floorplans. “The people had visited the building and were familiar with the apartments and were ready to move forward. The unit is the highest floor you can get in this section of the building before it becomes penthouses, and it has a clear view overlooking townhouses to the Freedom Tower.”

Kann said of Robby, “He bought in all the new developments he believed in. He was the first to sign a contract at 15 Central Park West. He bought in 150 Charles Street, and 122 Greenwich with a friend. He was the first to buy in the Greenwich Lane too. It stands to Robby’s ability to pick good apartments.”

The No. 2 contract was 16B at 1100 Park Avenue, asking $6.95 million, which was listed in the middle of May and sold almost immediately, reportedly close to the asking price. The 7-room co-op has 4 bedrooms and 3 bathrooms, and features a 60-foot terrace overlooking Park Avenue. The seller was represented by Mark David Fromm and Claudia Saez-Fromm of the Corcoran Group. The buyers were represented by Michele Kleier of Kleier Residential.

The owners purchased the apartment in February 2012 for $4 million and gut-renovated it. The apartment was originally listed a year ago, but the sellers took it off the market even though they had received a full-price offer in the Spring of 2019.

But Covid-19 changed everything. Fromm said the owner was living in his second residence in the Hamptons. “He has 3 boys and was loving it there, playing in the grass all day. He found a house in Scarsdale and bought it in the last few weeks.”

As for the buyers, Kleier said they had not stepped one foot inside the apartment but have numerous friends who live in the building. “I sent them pictures and floorplans. They very much wanted a terrace with what’s going on now, not being able to go anywhere and wanting fresh air.” In addition, she noted: “These clients were so happy and so thrilled that it happened so fast. It’s been a long time since I have seen clients so excited.”

For those interested, Forbes.com just published an article I wrote on question: "Will New Yorkers Abandon the City to Work At Home In The Suburbs?" If you want to read the article and receive my upcoming articles, please click on the Follow box and sign up: https://www.forbes.com/sites/donnaolshan/#42a999173991



EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 3 0 0 0 Avg.Ask:
$5,881,667
3
Condos 0 0 1 1 Avg.Ask:
6,122,500
Avg.$/sq.ft.:
$3,027/sq.ft..
Avg.Size:
2,023 sq.ft.
2
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
TOTALS 3 0 1 1 5


*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 5 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



Source: Olshan Realty




QUICK STATS

for the week of
May 25-31, 2020
Total Weekly Asking Price Sales Volume: 29,890,000

Average Asking Price: 5,978,000

Median Asking Price: 5,495,000

Average Discount from Original Ask to Last Asking Price: 14%

Average Days on Market: 380









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