Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
September 7-13, 2020

10 Contracts Signed

Ten contracts were signed last week at $4 million and above, one less than the previous week. Six of the nine properties were sold by developers.

Stat Geek Alert: It was the same total number of signed contracts in a post-Labor Day week as last year. For the 9th time this year, not a single co-op contract was signed at $4 million and above.

The No. 1 contract was 9/10 at 27 East 79th Street, asking $12.495 million. The duplex condo has 3,006 square feet including 5 bedrooms and 5.5 bathrooms. Pamela Johananoff of Corcoran represented both the developer, Adellco, and the buyer. The apartment is in a new 15-story condo that has only 7 units—and was built on a 24-foot-wide lot. The finishes and appliances are high-end and include cerused-oak kitchen cabinets and a La Cornue stove. White oak parquet de Versailles flooring and P.E. Guerin fittings are throughout the unit. The building has a 24-hour doorman and storage. One unit is left, and so far four out of the six buyers are foreign. Closings are supposed to start at the end of this month.

Johananoff said that the buyers are a couple who knew the developer. The wife is from Europe, the husband from the Middle East. They have not stepped foot in the apartment--the contract was signed after 3 FaceTime showings and negotiations on the price. “These people always wanted something in New York,” she said. “They have confidence in the real estate market and so they thought this was a good time to buy. The building has 3 people in staff—a doorman, porter, and super. It’s almost like you have your own butler.”

The No. 2 contract was 14A at 301 East 80th Street, asking $6.65 million, reduced from $6.9 million when this new condo building, called the Beckford Tower, opened sales in the Fall of 2019. It is a corner unit with 2,615 square feet including 3 bedrooms and 3.5 bathrooms. Amenities include a concierge, fitness center, a 65-foot lap pool, a spa pool, half-court basketball, a children’s playroom, a lounge, and game room. The developer, Icon Realty, was represented by Barbara Russo of Douglas Elliman, and the buyers, who are New Yorkers, were represented by Asees Anand of Corcoran. “They came three times in February and a fourth time last week,” said Russo. “They have been shopping around for a while, and they love the apartment. We expect closings to begin in the first quarter of 2021.”



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 0 0 0 0 Avg.Ask:
0
Condos 3 1 0 6 Avg.Ask:
$6,038,500
Avg.$/sq.ft.:
$2,730/sq.ft.
Avg.Size:
2,212 sq.ft.
10
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
TOTALS 3 1 0 6 . 10


*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 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
September 7-13, 2020
Total Weekly Asking Price Sales Volume: $60,385,000

Average Asking Price: $6,038,500

Median Asking Price: $5,500,000

Average Discount from Original Ask to Last Asking Price: 4%

Average Days on Market: 656









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

. . . .