Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
August 31-September 6, 2020

11 Contracts Signed

Eleven contracts were signed last week at $4 million and above, one more than in the same week last year.

Stat Geek Alert: In the past 11 weeks starting June 22, when New York State lifted the shutdown on showing properties, 103 contracts have been signed at $4 million and above totaling $794,862,000. In the same 11-week period last year, 153 contracts were signed totaling $1,157,473,000.

The No. 1 contract was PH11A at 90 Morton Street, asking $33 million. The duplex condo originally went under contract in January 2019, but the buyer walked away from the deal once the pandemic hit. The unit has 5,254 square feet including 5 bedrooms, 5.5 bathrooms, and a terrace totaling 2,023 square feet. By August, the onsite listing broker, Shlomi Reuveni of Reuveni Real Estate, started to see increased activity, and a new buyer from New York, represented by Eric Brown of Compass, stepped in. “I have had back-to-back appointments in the building in the last 3 weeks,” said Reuveni, who has sold 3 units since August. “They are affluent, mostly local buyers and some are bi-coastal. Everyone may be talking about how bad the city is, but there is a strong demand from buyers who have trust and faith in the future.” He added, “The bicoastal buyer has business and strong connections to the city. They don’t want to live in a hotel. I am getting people from LA and from Atlanta, but the majority of the buyers I am seeing are local--either they live downtown or are uptown looking downtown.”

Reuveni scored again to grab the No. 2 spot, also at 90 Morton, unit TH, asking $9.45 million. The unit is a mezzanine floor with 2 entries--a private entrance on Greenwich Street and one that leads into the building. It has 3,537 square feet including 4 bedrooms, 3.5 bathrooms, and 12-foot ceilings. A terrace totaling 631 square feet wraps around the bedrooms. Reuveni said that the buyers were New Yorkers and represented by Holly Parker and Jamie Gagliano of Douglas Elliman.

90 Morton is a former printing plant that was converted to a 12-story, 28-unit condo that started offering apartments off of floorplans in Fall 2017. Amenities include a concierge, a covered driveway, a fitness center, a 64-foot pool, residents’ lounge, children’s playroom, and a rooftop terrace with an outdoor kitchen.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 2 0 0 0 Avg.Ask:
$4,775,000
2
Condos 3 2 0 4 Avg.Ask:
$8,834,889
Avg.$/sq.ft.:
$2,902/sq.ft.
Avg.Size:
3,037 sq.ft.
9
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
TOTALS 5 2 0 4 . 11


*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 11 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
August 31-September 6, 2020
Total Weekly Asking Price Sales Volume: $89,064,000

Average Asking Price: $8,096,277

Median Asking Price: $5,150,000

Average Discount from Original Ask to Last Asking Price: 5%

Average Days on Market: 564









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