Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
July 6-12, 2020

12 Contracts Signed

Twelve contracts were signed last week at $4 million and above, tying the highest total in the pandemic period, which was recorded in the 2nd week of June.

Stat Geek Alert: The 12-contract total is three more than the same July week in pre-pandemic 2019.

The No. 1 contract was 78 Morton Street, asking $21.8 million--it was listed in September. This former firehouse is 25-feet-wide with 7,281 square feet, and is one of the most expensive Downtown houses to sell in 2020. The seller purchased the house in 2009 for $5 million, and renovated it over a period of 3 years. The house has 3 bedrooms, 4 bathrooms, and a powder room. It also includes an elevator, a 4-car garage, gym, sauna, a terrace with an outdoor kitchen and a second terrace on the roof.

The listing brokers were Christopher Riccio and Matt Pravda of Leslie J. Garfield. Riccio said they had signed a non-disclosure agreement and could not comment on the details of the deal. He did say the house was one of the most outstanding properties he has ever represented. Said Riccio, “I think a townhouse is what you want to own in this pandemic. No one wants to be in a lobby with thousands of people going in and out. In a townhouse, you are the master of your own domain. You control who comes in and out of your front door.”

Speaking of Downtown houses, 157 West 12th Street, closed last week for $19.5 million. The contract was signed sometime in the last few months, but the listing broker did not report it. Because it already closed, it is not included in this week’s stats of contracts signed. The house was sold by Chris Hughes, a Facebook co-founder who purchased the 6,000-square-foot home in July 2015 for $22.3 million. It was listed a year ago at $26 million.

The No. 2 contract was 65C at 25 Columbus Avenue, asking $12.995 million, reduced from $17.25 million when it was listed in November 2018. The seller paid $15.95 million in 2008. The condo has 3,050 square feet including 3 bedrooms and 4.5 bathrooms. It has a 40-foot living room and a master bedroom overlooking Central Park. Amenities include a concierge, fitness center, landscaped terrace, a meeting room, and access to the Mandarin Oriental Hotel’s pool and spa.



EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 3 0 0 0 Avg.Ask:
$5,596,667
3
Condos 1 1 1 2 Avg.Ask:
$9,422,000
Avg.$/sq.ft.:
$3,058/sq.ft.
Avg.Size:
3,081 sq.ft.
5
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses 2 0 0 2 Avg.Ask:
$9,287,500
Avg.$/sq.ft.:
$1,974/sq.ft.
Avg.Size:
4,704 sq.ft.
4
TOTALS 6 1 1 4 12


*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 8 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 4 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
July 6-12, 2020
Total Weekly Asking Price Sales Volume: 101,050,000

Average Asking Price: 8,420,833

Median Asking Price: 6,332,500

Average Discount from Original Ask to Last Asking Price: 11%

Average Days on Market: 481









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