Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
July 27-August 2, 2020

3 Contracts Signed

Only 3 contracts were signed last week at $4 million and above, a steep slide from the 15 contracts in the previous week.

Stat Geek Alert: Last week’s total was the lowest since the third week in May, when 3 contracts were also signed. At that time, real estate brokers were not allowed to show properties as required by the New York State lockdown.

The No. 1 contract was the 5th floor at 817 Fifth Avenue, asking $10.975 million, reduced from $13.95 million when it was listed in June 2019. This prewar condominium has 3,450 square feet including 4 bedrooms and 4 bathrooms. The living room with a fireplace, formal dining room, and master bedroom overlook Central Park.

The listing was represented by Daniella Schlisser of Brown Harris Stevens, who said that the buyer’s broker was represented by Douglas Elliman, but she would not name the agent or buyer because of confidentiality reasons. She did say that after the price was lowered in the beginning of July from $12.5 million to $10.975 million, activity perked up and bidding ensued. She said that the buyers were abroad and viewed the apartment by using FaceTime. After the deal was struck, a higher offer came in, but the sellers stuck with the original buyers who flew to New York to view the apartment before signing the contract.

The No. 2 contract was Unit 6 at 111 Leroy Street, asking $9.75 million. This new condo started marketing off of floorplans in February 2018. Unit 6 has 3,370 square feet including 4 bedrooms and 4.5 bathrooms. The apartment features a corner 23’ x 25’ living room with a 14-foot ceiling. Amenities in this 13-unit building include a doorman, fitness room, and storage.

The developer was represented by Andrew Anderson of the Anderson Ehrmann team at Douglas Elliman, and the buyer was represented by Darren Sukenick and Ben Glazer of Compass. Anderson said that the deal was negotiated pre-Covid, but then “the purchaser waited and took a break to see how things were going to shake out,” he added. “Once we re-opened, the buyer renegotiated, and it took a while to get to a place that everybody was happy with.”

Stay Safe Everyone!



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 0 0 0 0 Avg.Ask:
0
Condos 1 1 0 1 Avg.Ask:
$8,740,000
Avg.$/sq.ft.:
$2,689/sq.ft.
Avg.Size:
3,250 sq.ft.
3
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
TOTALS 1 1 0 1 . 3


*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 3 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 27-August 2, 2020
Total Weekly Asking Price Sales Volume: $26,220,000

Average Asking Price: $8,740,000

Median Asking Price: $9,750,000

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

Average Days on Market: 417









OLSHAN REALTY, INC. | Established 1980
641 Lexington Avenue, Suite 2200, New York, NY 10022 | 212-751-3300 | Privacy Policy

. . . .