Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
October 5-11, 2020

14 Contracts Signed

Fourteen contracts were signed last week at $4 million and above, up from the previous week’s 11. The top 2 contracts were sponsor deals at asking prices above $20 million.

Stat Geek Alert: Year-to-date, Downtown apartments have seen more than twice the number of contracts signed over any other area. Downtown popularity has been a trend since 2013. Conversely, townhouse deals have been tracking equally among the East, West, and Downtown areas, a trend since 2019.

The No. 1 contract was the 34th floor at 432 Park Avenue, asking $28 million. The condo is an 8,088-square-foot white box that must be renovated. Monthly common charges and taxes total $31,032. The asking price translates to $3,462/sq.ft. Since last year, 15 closed units in the building have averaged $6,217/sq.ft. but those units were finished and mostly on much higher floors.

432 Park is 96 stories high, a concrete-and-glass edifice designed by Rafael Vinoly that can be seen from almost anywhere in the 5 boroughs. Amenities include a fitness center, a 75-foot swimming pool, private dining room, parking, a garden, and a children’s playroom.

The sponsor was represented by Shari Scharfer Rollins and Marc Palermo of Douglas Elliman. The buyers were represented by Steven Jacobson of Hopkinson Real Estate. Rollins said that the buyers are domestic, and came twice to see the unit. “They saw it before Covid, and then they started negotiating over the summer.”

The No. 2 contract was PH45A at 25 Park Row, asking $25 million. The new duplex condo has 5,956 square feet including 5 bedrooms and 5.5 bathrooms, plus 4 terraces totaling over 1,000 square feet. The wow factor is a dramatic living room with 23-foot ceilings and 2 terraces. The Corcoran Group’s Richard Hicks represented the sponsor, and Chris Kann, also of Corcoran, represented the buyer.

Hicks said that the buyers are a New York family with children. They are buying the condo as a primary residence, and came to see the unit once in September. “It’s a duplex penthouse, and the sale also reflects the attraction of the unit’s north and west views overlooking City Hall Park,” said Hicks. “You are sitting very high, and you can not imagine the views where you see the East River and Hudson River. The living room has almost 360-degree views.”

25 Park Row is 46 stories with 110 units, and was designed by CookFox. Amenities, designed by Studio Mellone, include a concierge, a fitness center, a 65-foot pool, playroom, lounge, library, and screening room. The building also has a garage. Hicks said the sponsor currently has 3 contracts out at prices in the $4.5 to $8 million range. He added, “It’s important to note that every residence that faces the City Hall Park is surrounded by architectural gems--the Woolworth Building, World Trade Center 1, City Hall, and the federal buildings.”



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 0 0 0 0 Avg.Ask:
0
Condos 1 2 3 7 Avg.Ask:
$9,156,538
Avg.$/sq.ft.:
$2,614/sq.ft.
Avg.Size:
3,502 sq.ft.
13
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses 1 0 0 0 Avg.Ask:
$9,950,000
Avg.$/sq.ft.:
$1,990/sq.ft.
Avg.Size:
5,000 sq.ft.
1
TOTALS 2 2 3 7 . 14


*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 13 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 1 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
October 5-11, 2020
Total Weekly Asking Price Sales Volume: $128,985,000

Average Asking Price: $9,213,214

Median Asking Price: $6,522,500

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

Average Days on Market: 505









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