Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
June 8-14, 2020

7 Contracts Signed

Seven contracts were signed last week at $4 million and above totaling $85,275,000, the highest number of signed contracts and the highest total dollar volume in 12 pandemic weeks.

The No. 1 contract was the 70th floor at 111 West 57th Street, asking $30.5 million. The condo has 3,873 square feet including 3 bedrooms and 3.5 bathrooms, and has knockout views of Central Park and the entire city. The 46-unit condo is under construction, and started sales in 2016. It rises 82 stories high, or 1,428 feet, and is being built on the former site of the Steinway & Sons piano store. Amenities include a concierge, 82-foot pool, fitness center, lounge, terrace, and private dining room. Amy Williamson, one of the listing brokers on the marketing team from Douglas Elliman, would not comment on the details of the deal other than to confirm what was already published in the Wall Street Journal Mansion Global--that the purchaser was a foreign buyer who never stepped foot into the unit and saw it off of pictures, floorplans, and a virtual tour. She declined to reveal the name of the buyer’s broker.

The No. 2 contract was a townhouse at 20 East 78th Street, asking $24.9 million, reduced from $38 million when it first listed in May 2016. This 5-story, 25-foot-wide house has 8,760 square feet including 7 bedrooms, 8.5 bathrooms, an elevator, wine cellar, gym, garden, and terrace. The house also has a sophisticated security system including a vault-like panic room, something right out of the Jodie Foster film. But my favorite detail is a wall with a hidden door, behind which is a vault for shoes and bags. That’s a first in this report!

The listing brokers were Carrie Chiang and Loy Carlos of The Corcoran Group. Carlos who said they could not reveal the details of the buyer or their broker because of being held to a non-disclosure agreement. Carlos did say that the buyer saw the unit several times starting in December. “We accepted an offer before lockdown and sent out a contract,” Carlos said. “For at least a month, the purchaser had to figure out when he wanted to close because if you want to buy a house, you want to be able to close and do work and that was not possible. What’s the point in rushing through a contract and you can’t close and do work.”

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EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 1 1 0 0 Avg.Ask:
$5,995,000
2
Condos 0 2 1 1 Avg.Ask:
$12,096,250
Avg.$/sq.ft.:
$3,764/sq.ft.
Avg.Size:
3,214 sq.ft.
4
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses Avg.Ask:
$24,900,000
Avg.$/sq.ft.:
$2,842/sq.ft.
Avg.Size:
8,760 sq.ft.
1
TOTALS 2 3 1 1 7


*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 6 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 1 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
June 8-14, 2020
Total Weekly Asking Price Sales Volume: 85,275,000

Average Asking Price: 12,182,143

Median Asking Price: 5,995,000

Average Discount from Original Ask to Last Asking Price: 18%

Average Days on Market: 724









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