Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
October 26-November 1, 2020

17 Contracts Signed

Seventeen contracts were signed last week at $4 million and above, totaling $184,719,000, the highest volume since the first week in March, when the market racked up $216,681,500 with 27 contracts signed.

Stat Geek Alert: Five contracts were signed at asking prices north of $10 million, the highest total of trophy properties since the first week in March, when 7 such contracts were signed.

The No. 1 contract was the highest contract signed during the pandemic period and the 2nd highest contract in 2020: an operating garage that was convincingly marketed as a mega-mansion at 332 West 11th Street, asking $45 million, reduced from $49.95 million when it went on the market in January 2019. The 50-foot building is 5-stories with approximately 30,000 square feet. It cycled through 2 different brokerage firms with marketing materials that show the potential for a single-family house with a 5,000-square-foot roof terrace and a 5-car garage. Annual real estate taxes are $278,344.

Compass had both sides of the transaction with Jim St. Andre and Stephen Ferrara representing the seller, and Eric Brown representing the buyer. St. Andre said he could not give any further color on the deal because of a non-disclosure agreement. “These types of buildings are some of the best real estate in Manhattan. It has big windows, high ceilings, and beautiful views of the Village. The location is fantastic,” said St Andre. “West 11th Street has as much cache as anywhere, and people like Sarah Jessica Parker have bought on the Street. It’s probably the most coveted street other than 10th between 5th Street and 6th. And that really relates to the prices that have been paid over a period of years.”

The No. 2 contract was the Penthouse at 166 Perry Street, asking $20 million. The duplex condo started on the market at $30 million in 2017, and was withdrawn in November 2019. It was relisted with a new broker, Nestseekers, in July, asking $20 million. The seller paid $10.4 million in 2013. The apartment has 6,845 square feet including 5 bedrooms and 5.5 bathrooms. Two terraces flank the ground-floor entertaining space with views of the river. One of the terraces has a swimming pool. Monthly common charges and taxes total $29,174. Amenities include a doorman and gym.

The listing broker was Roya Cohen of Nestseekers and Ryan Serhant, who recently launched his own namesake firm. The buyers were represented by Roger Erickson of Douglas Elliman.

Cohen said the buyers are a New York family who were looking for larger space. “They came twice, the deal was negotiated over a period of weeks, and the third time they came with a home inspector,” she said. As for the marketing, Cohen said that she used digital staging, changing red kitchen cabinets, for example, and some red furnishings to white. “We did a nice video in a playful manner, and Ryan got on a helicopter for an aerial photo,” said Cohen. “The buyers were smart New Yorkers taking advantage of this market.”



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 3 0 0 0 Avg.Ask:
$8,831,667
3
Condos 2 1 2 4 Avg.Ask:
$9,431,111
Avg.$/sq.ft.:
$2,610/sq.ft.
Avg.Size:
2,613 sq.ft.
9
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses 3 0 0 2 Avg.Ask:
$15,049,000
Avg.$/sq.ft.:
$1,619/sq.ft.
Avg.Size:
9,296 sq.ft.
5
TOTALS 8 1 2 6 . 17


*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 5 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 26-November 1, 2020
Total Weekly Asking Price Sales Volume: $184,719,000

Average Asking Price: $10,865,824

Median Asking Price: $8,600,000

Average Discount from Original Ask to Last Asking Price: 11%

Average Days on Market: 685









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