Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
September 21-27, 2020

21 Contracts Signed

Twenty-one contracts were signed last week at $4 million and above, the highest total since the second week in March, when New York State was on the verge of declaring a lockdown to battle Covid-19.

Stat Geek Alert: For perspective, the lockdown started on March 22, and it took the luxury real estate market the following 7 weeks to equal last week’s contract total.

Stat Geek Alert II: By comparison, last week’s total of 21 is greater than the same week last year, when 18 contracts were inked. It is also the strongest final week of September since 2014, when 33 contracts were signed.

The No. 1 contract was South Penthouse B at 565 Broome Street, asking $30 million. The duplex has 4,430 square feet including 4 bedrooms, 4 bathrooms, 2 powder rooms, plus a terrace that totals 3,437 square feet and features a 20-foot heated pool. The listing broker, representing the sponsor, was Andrew Anderson of the Anderson-Ehrmann team at Douglas Elliman. Anderson said the buyer’s broker wanted to remain anonymous. He said the buyer viewed the apartment only once in person. “I was working on another deal for this apartment for a month and a half, and a new buyer came in. It took a couple of weeks to negotiate with the new buyer, but all and all it was pretty smooth,” he said. “He was probably looking to take advantage of current market conditions and a large purchase made sense. Both the buyer and the broker seemed like they had done a lot of research before they saw it. It was one and done.”

Anderson added, “There is a lot more energy in the city that is translating into more activity and more deals. The market is more active than it has been in the last 6 months. There have been a few sales Downtown at this level, which is encouraging.”

565 Broome Street was designed by Pritzker Prize-winning architect Renzo Piano, who also designed the new Whitney Museum. Condo amenities include a concierge, fitness center, a 55-foot indoor lap pool, a sauna, and a yoga studio. There is also a children’s playroom and parking.

The No. 2 contract was PHAC at 35 North Moore Street, asking $20 million, reduced from $33.5 million when it started on the market in 2015. The duplex condo is 2 units combined totaling 7,200 square feet with 6 bedrooms and 6.5 bathrooms. It features a dramatic great room with 17-foot ceilings and 2 terraces totaling 3,200 square feet. The unit is owned by retired NBA star Deron Williams. Douglas Elliman’s Andrew Azoulay represented Williams, and Tamir Shemesh represented the buyers. The building does not have a doorman. Azoulay said the buyers were a family. “They got 2 parking spots, which they really wanted. They also bought what everyone is looking for---big space and big outdoor space.” He added, “What’s great is there is an adult side of the apartment and a kids’ side.”

It’s interesting to note: The top 2 contracts were signed by New Yorkers. Anecdotally, this seems to be a trend since the NYS ended its lockdown on June 22. New Yorkers are coming off the bench to grab a discount and betting on the home team.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 0 2 0 1 Avg.Ask:
$8,615,000
3
Condos 1 6 0 9 Avg.Ask:
$8,201,875
Avg.$/sq.ft.:
$2,850/sq.ft.
Avg.Size:
2,878 sq.ft.
16
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses 1 1 0 0 Avg.Ask:
$7,985,000
Avg.$/sq.ft.:
$1,404/sq.ft.
Avg.Size:
5,687 sq.ft.
2
TOTALS 2 9 0 10 . 21


*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 19 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
September 21-27, 2020
Total Weekly Asking Price Sales Volume: $173,090,000

Average Asking Price: $8,242,381

Median Asking Price: $6,250,000

Average Discount from Original Ask to Last Asking Price: 12%

Average Days on Market: 635









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