Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
July 13-19, 2020

4 Contracts Signed

Only four contracts were signed last week at $4 million and above, down from 12 contracts from the previous week’s total. The last time four contracts were signed was the first week in June during lockdown.

The No. 1 contract was unit 27 at 520 West 28th Street, asking $8.95 million, reduced from $12.5 million when it was listed in 2016 by the developer, Related, off of floorplans. Now completed, the condo has 3,840 square feet including 4 bedrooms and 4.5 bathrooms. It has a 42-foot great room that opens onto a 29-foot-long balcony.

The building was designed by Pritzker Prize-winning architect Zaha Hadid in a very modern-style. Hadid died in 2016, and the building is her only NYC residential commission. It is a bold design incorporating hand-crafted metal, glass-curtain walls, and curved balconies—all overlooking the High Line.

The sponsor was represented by Julie Pham and Steve Gold of The Corcoran Group. They would not reveal any details on the buyer and broker. “In this period, people favor more boutique buildings with amenities. I think people finally are also appreciating Hadid’s style,” Pham said, adding, “It has 39 units and a lot of amenities--the kind that would be comparable to a building with 200 units.” Amenities include a concierge, fitness center, a 75-foot saline pool with a separate cold-plunge pool, and a garage.

The No. 2 contract was 24A at 53 West 53rd Street, asking $8.825 million, reduced from $9.550 million when it went on the market, selling off of floorplans in 2016. Now finished, the condo has 3,131 square feet including 2 bedrooms and 2.5 bathrooms. It faces north with city views.

53 West 53rd Street was designed by Pritzker Prize-winning architect Jean Nouvel, with interiors by Thierry Despont. Amenities include a concierge, fitness center, 65-foot lap pool, golf simulator, wine room, library, theater, storage, and a children’s playroom.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 0 0 0 0 Avg.Ask:
0
Condos 0 0 2 2 Avg.Ask:
$7,181,250
Avg.$/sq.ft.:
$2,452/sq.ft.
Avg.Size:
2,929 sq.ft.
4
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
TOTALS 0 0 2 2 . 4


*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 4 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
July 13-19, 2020
Total Weekly Asking Price Sales Volume: 28,725,000

Average Asking Price: 7,181,250

Median Asking Price: 7,662,500

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

Average Days on Market: 781









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