Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
August 17-23, 2020

14 Contracts Signed

Fourteen contracts were signed last week at $4 million and above, the first time in the last 4 weeks that the total number cracked 10. By comparison, last week’s total of 14 signed contracts was the same total for the same week last year.

Stat Geek Alert: Since the beginning of March, contracts at $4 million and above averaged a 14% price reduction from the original asking price to the last asking price. The group spent an average of 633 days on the market. Nothing underscores this trend more than the top 2 deals of the week.

The No. 1 contract was 8/9B at 655 Park Avenue, asking $12.8 million, reduced from $18 million when it was listed in May 2018. The 15-room duplex is owned by Massimo Ferragamo, the youngest son of Salvatore Ferragamo, who founded the namesake Italian fashion house. The co-op has approximately 5,800 square feet including 7 bedrooms, 7 bathrooms, a formal dining room, library, gym, and a sunroom. The top-floor features a 3,000-square-foot terrace. The unit is comprised of 2 separate apartments that Ferragamo combined after purchasing them in the mid-1990s for approximately $3.5 million. Monthly maintenance is $20,197.

The No. 2 contract was 61West at 111 Murray Street, asking $12.4 million, reduced from $18.9 million when it was listed off of floorplans in 2015. The condo has 4,014 square feet including 5 bedrooms and 6.5 bathrooms. It is a half-floor corner unit featuring 11-foot ceilings and north, south, and west views of the city and Hudson River. Building amenities include a fitness center, 2 pools, a resident’s lounge, and a children’s playroom.

The deal was done by Douglas Elliman brokers--Emily Sertic represented the developers and Jason Walker represented the buyer. Walker said that the buyer “did not pay the ask but got a fair deal,” adding, “He’s a local New Yorker with a family, and he appreciated the views and amenities. I have worked with him before.”



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 1 3 0 0 Avg.Ask:
$8,098,333
4
Condos 1 1 0 7 Avg.Ask:
$7,083,333
Avg.$/sq.ft.:
$2,599/sq.ft.
Avg.Size:
2,726 sq.ft.
9
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses 0 1 0 0 Avg.Ask:
$6,950,000
Avg.$/sq.ft.:
$1,201/sq.ft.
Avg.Size:
5,785 sq.ft.
1
TOTALS 2 5 0 7 . 14


*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 1 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 17-23, 2020
Total Weekly Asking Price Sales Volume: $99,395,000

Average Asking Price: $7,099,643

Median Asking Price: $6,175,000

Average Discount from Original Ask to Last Asking Price: 19%

Average Days on Market: 509









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