Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
July 20-26, 2020

15 Contracts Signed

Fifteen contracts were signed last week at $4 million and above, a nice bounce from the previous week’s paltry total of 4. The performance came as a welcome relief and a glimmer of resilience as the Manhattan luxury market tries to shake off the effects of the pandemic.

Stat Geek Alert: Last week’s total was the highest number of contracts signed and the largest dollar volume since the middle of March. On another optimistic note, during the same week in July 2019, 14 contracts were signed, one less than last week’s total.

The No. 1 contract was 3W at 32 East 64th Street, asking $17.5 million. It was listed in February. The 11-room co-op has 5 bedrooms, 4.5 bathrooms, a playroom, a library, 3 working fireplaces, a 38-foot living room, and a 25-foot eat-in kitchen. The seller was Jeff Zucker, who purchased the unit for $12.3 million in November 2007--and then gut-renovated it. Zucker is the chairman of Warner Media News and Sports and the President of CNN Worldwide. He and his wife Caryn announced they were splitting in 2018.

The No. 2 contract was a 46/47C at 641 Fifth Avenue, asking $17 million; it was on and off the market since 2016, starting at $33 million, and cycling through 3 brokers. This condo duplex in Olympic Tower has 7,750 square feet including 5 bedrooms, 6.5 bathrooms, a corner 41-foot living room with a fireplace, a 34-foot library, and views of Central Park and the city. The unit is currently being rented for $48,000/month, and once rented as high as $65,000. The listing broker was John Barbato of Compass, who said the duplex was designed by Aristotle Onassis who also happened to be the developer of the building.

Barbato said he could not name the buyer’s broker, but he did say the sellers and buyers were both foreign. “The juiciest part was the buyer never saw the unit,” he said. Negotiations started on March 19, Barbato said, adding, “The buyers got a good deal.”



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 2 1 0 1 Avg.Ask:
$8,462,500
4
Condos 2 3 1 3 Avg.Ask:
$8,255,000
Avg.$/sq.ft.:
$2,471/sq.ft.
Avg.Size:
3,341 sq.ft.
9
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses 0 1 1 0 Avg.Ask:
$5,175,000
Avg.$/sq.ft.:
$1,074/sq.ft.
Avg.Size:
4,819 sq.ft.
2
TOTALS 4 5 2 4 . 15


*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 13 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 2 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 20-26, 2020
Total Weekly Asking Price Sales Volume: 118,495,000

Average Asking Price: 7,899,667

Median Asking Price: 6,200,000

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

Average Days on Market: 498









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