Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
October 12-18, 2020

14 Contracts Signed

Fourteen contracts were signed last week at $4 million and above, the same total as the previous week. By comparison, 19 contracts were sold in the same week last year.

Stat Geek Alert: Since the middle of March, Downtown properties have scored the No.1 slot in 17 of the 31 Pandemic weeks. Most of the top properties in this period were bought by New Yorkers betting on the home team.

The No. 1 contract was Unit 2 at 24 Leonard Street, asking $19.995 million; it was listed in June. The condo has 4,859 square feet including 5 bedrooms and 5.5 bathrooms. A 46’ x 32’ great room, a 40-foot kitchen, and a large master bedroom all open onto a spectacular landscaped garden with more than 4,300 square feet that features an outdoor kitchen and a small pool. The apartment comes with a parking spot. Amenities in this 7-unit condo building designed by BKSK Architects include a doorman and a gym.

Raymond Dilullio of the Eklund/Gomes Team at Douglas Elliman represented the seller, and the buyer was represented by Farah Moinian of Berkshire Hathaway. The unit was sold to New Yorkers. The seller made a whopping profit, having paid $9,718,000 in April 2019. Dilullio said the seller then invested approximately $1 million in landscaping designed by Edmund Hollander. “This building never came to market--it was presold to friends of the developer,” said Dilullio. “Everyone who invested in the building planned to live there. It’s technically a resale, but it’s never been lived in.

Dilullio said the deal was all cash and could close by the end of the month. He added, “This deal happened incredibly quick. The buyer came on a Friday, came back with her kids on Saturday, we negotiated the deal on Sunday, and the contract was back by Friday.”

The No. 2 contract was 2G at 443 Greenwich Street, asking $8.495 million; it listed in August. The condo has 3,022 square feet including 3 bedrooms, 3.5 bathrooms, and a 42-foot great room. The seller paid $7,663,349 in January 2017. 443 Greenwich is a former factory, built in the 1880s, that was converted into a 53-unit condo, and retains some of the original details, like large windows and huge shutters. Amenities include a lap pool, fitness center, garage with valet parking, a landscaped courtyard, and a roof deck.

Eric Brown of Compass represented the seller, and Lauren Muss of Douglas Elliman represented the buyers. Brown said the buyers were local and visited the unit 2 or 3 times. "It was renovated to the nines by Workshop/APD, a quality design firm. The owner invested over $1 million between the renovation, AV, and furniture,” Brown said. “It was my busiest listing--I showed it 3 or 4 times per week and we had multiple offers. I showed it about 30 times.” He added, “We sold it turnkey with all the furniture, knives, forks, and linens. The price will reflect an $8 million-plus sale when it closes.”



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 2 0 1 0 Avg.Ask:
$5,730,000
3
Condos 2 0 1 6 Avg.Ask:
$7,308,333
Avg.$/sq.ft.:
$2,541/sq.ft.
Avg.Size:
2,876 sq.ft.
9
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses 0 1 0 1 Avg.Ask:
$4,622,500
Avg.$/sq.ft.:
$1,093/sq.ft.
Avg.Size:
4,228 sq.ft.
2
TOTALS 4 1 2 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 12 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
October 12-18, 2020
Total Weekly Asking Price Sales Volume: $92,210,000

Average Asking Price: $6,586,429

Median Asking Price: $5,347,500

Average Discount from Original Ask to Last Asking Price: 7%

Average Days on Market: 315









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