Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
August 24-30, 2020

13 Contracts Signed

Thirteen contracts were signed last week at $4 million and above. That total was one fewer than the previous week’s, but still a solid return for a typically slow week in August that was also impacted by Covid-19.

Stat Geek Alert: In the last 4 weeks, 42 contracts were signed at $4 million and above, compared to 59 contracts in the same period last year. The August 2020 total is the lowest since 2011.

The No. 1 contract was the Penthouse at 5 Beekman Street, asking $12.495 million. It is the last sponsor unit to sell, completing a 5-year marketing effort. The building has 67 condos on 51 floors constructed above The Beekman Hotel. The unit has 3,554 square feet including 3 bedrooms and 3.5 bathrooms with panoramic views of the Hudson River and the city. It has a 50-foot great room with a fireplace, 16-foot ceilings, and a 155-square foot terrace. The condo owners have access to all hotel amenities and restaurants.

The No. 2 contract was a townhouse at 140 East 19th Street, asking $10 million, reduced from $15.25 million when it went on the market in May 2016. The 5-story, 23.5-foot-wide house has 5,760 square feet including 5 bedrooms, 4.5 bathrooms, and an elevator. It has been owned since 2001 by model Paulina Porizkova and Ric Ocasek, the Cars frontman who passed away last September.

The listing broker was Debbie Korb of Sotheby’s International Realty and the buyer was represented by Jeremy Stein, also of Sothebys. “It’s an incredible house,” said Korb. “ It has 20-foot high ceilings in the living room.” She said the couple only visited the house twice. “They are New Yorkers and they live in a house now and plan to renovate. The husband came the first time with an architect and a contractor. I told Jeremy Stein that it needed work and the client came prepared. I love that in a buyer.” She added, “The people who bought it are very visually-oriented and it kind of fell into the perfect hands.”



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 1 0 0 2 Avg.Ask:
$5,033,333
3
Condos 1 1 0 5 Avg.Ask:
$7,255,714
Avg.$/sq.ft.:
$2,572/sq.ft.
Avg.Size:
2,821 sq.ft.
7
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses 0 1 1 1 Avg.Ask:
$8,415,000
Avg.$/sq.ft.:
$1,362/sq.ft.
Avg.Size:
6,180 sq.ft
3
TOTALS 2 2 1 8 . 13


*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 10 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 3 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 24-30, 2020
Total Weekly Asking Price Sales Volume: $91,135,000

Average Asking Price: $7,010,385

Median Asking Price: $5,995,000

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

Average Days on Market: 666









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