Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
September 28-October 4, 2020

11 Contracts Signed

Eleven contracts were signed last week at $4 million and above, half of the previous week’s total. For whatever reason, missing in action were sponsor sales-- only 3 were inked last week compared to 9 the previous week.

Stat Geek Alert: During the 3-month New York State lockdown, the luxury market averaged 4 signed contracts per week at $4 million and above. Since the lockdown ended on June 22, the luxury market has been averaging 11 signed contracts per week. This compared to the entire 2019 average of 18 signed contracts per week and 21 in 2018.

Stat Geek Alert II: Year-to-date, 445 contracts have been signed in Manhattan at $4 million and above, down from 738 contracts in the same period in 2019.

The No. 1 contract was the 6th floor at 823 Park Avenue, asking $9.95 million when it was listed at the end of August. The seller paid $11,709,875 in 2007. The condo has 4,184 square feet including 5 bedrooms and 4.5 bathrooms. A 32-foot living room with a gas fireplace and a library overlook Park Avenue. Amenities in this 11-unit condo include a doorman, resident manager, and gym.

The listing broker was Lisa Larson of Sotheby’s International Realty, and the buyers, an Upper East Side family, were represented by Emily Beare of Core, who showed the apartment three times. “They were uptown people. It was the location on Park Avenue and the square footage that sold them,” said Beare. She added, “We had been looking before the Pandemic but then things were on hold. They wanted to be in New York. It was a matter of getting back to looking.”

The No. 2 contract was 4W at 601 Washington Street, asking $8.65 million. The unit has 2,892 square feet including 3 bedrooms and 3.5 bathrooms. The master bedroom has a balcony. It is the 4th sale in this new 10-unit, 9-story condo since March 1. Only 2 penthouses remain and are asking just north of $31 million. Designed by BKSK Architects, amenities include a concierge, fitness room, rooftop terrace, and storage.

The listing brokers were Brett Miles and Jade Chan of Douglas Elliman. The buyers, a New York couple, were represented by Adam Modlin. As for the brisk sales at 601 Washington Street, Miles said, “Good product in the West Village can survive any market.”



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 2 1 0 0 Avg.Ask:
$5,481,000
3
Condos 2 0 0 6 Avg.Ask:
$7,481,250
Avg.$/sq.ft.:
$2,430/sq.ft
Avg.Size:
3,078 sq.ft.
8
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
TOTALS 4 1 0 6 . 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
September 28-October 4, 2020
Total Weekly Asking Price Sales Volume: $76,293,000

Average Asking Price: $6,935,727

Median Asking Price: $6,995,000

Average Discount from Original Ask to Last Asking Price: 13%

Average Days on Market: 574









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