Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
August 10-16, 2020

9 Contracts Signed

Nine contracts were signed last week at $4 million and above, three more than the previous week.

The No. 1 contract was a townhouse at 20 East 10th Street, asking $18.25 million, reduced from $22.9 million when it was listed in September 2017. This 25-foot-wide, 5-story townhouse has 7,000 square feet including 6 bedrooms, 7 bathrooms, and 7 wood-burning fireplaces. The ground-floor kitchen opens onto a split-level garden. The house does not have an elevator. The sellers purchased the house in 2015 for $18.25 million from Sarah Jessica Parker and Matthew Broderick.

The listing broker was Matthew Coleman of Coleman Real Estate, and the buyer was represented by Ruthie and Ethan Assouline of Compass. Coleman said that the owners had been living in the house and had planned to renovate. “We had gotten bids along the way. We saw interest in the space, but they weren’t ready to sell.” He added, “The buyer and seller were able to look thru the filter of what’s going on and come to terms.”

Coleman said that the buyers came to the house at least four times. “I am finding that these luxury deal negotiations are prolonged, and can go on a month or longer. You can be going back and forth on relatively small terms.”

The No. 2 contract was 8AN at 150 Charles Street, asking $11.495 million, reduced from $14.45 million when it was listed in April 2019 and then cycled through 2 brokerage firms. The condo has 2,957 square feet including 3 bedrooms and 3.5 baths. The living room opens to a wraparound terrace that faces the Hudson River. The seller purchased the unit in 2013 off of floorplans and closed for $13,017,401 in January 2016.

The No. 3 contract was 2/3C at 941 Park, asking $6.95 million—it represents the only luxury co-op sale of the week. The duplex has 5,000 square feet including 5 bedrooms, 6 bathrooms, a living room with a fireplace, a library, formal dining room, an eat-in kitchen, 3 staff rooms, and a laundry room. It faces south over 81st Street and needs to be totally renovated. The listing broker was Kirk Henckels of Compass, who said that the unit sold in a bidding war. The buyers were represented by Jaar-mel Sloane and Vivian Fisher of Sloane Square NYC. The unit was listed in the beginning of July before the staging and photos were completed because Henckels said he was hoping for a surge of interest after the 3-month New York State shutdown. “We were hoping for pent-up energy like they had in London so the strategy did work. There happened to be 2 people in the market who were waiting for this.” He said that the buyers are a young couple with children. “There was some discount, but we stuck with pre-Covid pricing. It was not at ask but relatively close.”



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 1 0 0 0 Avg.Ask:
$6,950,000
1
Condos 0 2 2 2 Avg.Ask:
$6,343,333
Avg.$/sq.ft.:
$2,514/sq.ft.
Avg.Size:
2,523 sq.ft.
6
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses 0 0 0 2 Avg.Ask:
$11,922,500
Avg.$/sq.ft.:
$2,468/sq.ft.
Avg.Size:
4,831 sq.ft.
2
TOTALS 1 2 2 4 . 9


*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 7 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
August 10-16, 2020
Total Weekly Asking Price Sales Volume: $68,855,000

Average Asking Price: $7,650,556

Median Asking Price: $6,500,000

Average Discount from Original Ask to Last Asking Price: 16%

Average Days on Market: 549









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

. . . .