Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
November 2-8, 2020

17 Contracts Signed

Seventeen contracts were signed last week at $4 million and above, the same total as the previous week. The difference between the two weeks was this: Dollar volume sunk last week to $97,183,995 from $184,719,000 in the previous week. The culprit: The top 2 sales last week totaled a mere $19,495,000 compared to $65 million in the previous week (October 26-November 1, 2020).

Stat Geek Alert: Only 1 co-op sold last week. Year-to-date, condos have outsold co-ops 3 to 1, a persistent pattern over the last 8 years.

The No. 1 contract was 12C at 170 East End Avenue, asking $10.5 million; it was listed in August. The condo has 3,619 square feet including 5 bedrooms and 5.5 bathrooms. The living room, library, and master bedroom plus a 1,640-square foot terrace—all face the East River. The seller paid $8.5 million in July 2010. The listing brokers were Leighton Candler and Jennifer Reardon of The Corcoran Group. Leslie Modell of Sothebys International Realty represented the buyers, who are New Yorkers. “They were looking everywhere, but the pandemic made the terrace a priority. Everyone wants outdoor space now,” said Modell. “It’s a big wraparound terrace, and it’s hard to find. I showed them other apartments with outdoor space but nothing was like this. It was the uniqueness of the terrace that made it an interesting opportunity for them.”

170 East End was designed by Peter Marino, and has 12,000 square feet of amenities including a concierge, garage, fitness center, yoga and Pilates studios, a media room, a golf simulator, squash court, a children’s playroom, and a billiards rooms. The building also has a library and a private, landscaped courtyard with a waterfall.

The No. 2 contract was a townhouse at 112 East 78th Street, asking $8.995 million, reduced from $9.25 million when it was listed on August 31. The 5-story, 16-foot-wide house has 5,890 square feet including 5 bedrooms, 4.5 bathrooms, and an elevator that services all floors. The house features a garden, a gym, and a wine cellar that stores over 1000 bottles. The sellers paid $8.5 million for the house in 2006.

The listing broker was Curtis Jackson of Brown, Harris, Stevens, and the buyers are a New York family who were represented by Keren Ringler of The Corcoran Group. “The sellers bought the house through me,” said Jackson. “I have a long history with them, and they trusted me. We analyzed the homes in the area, and we wanted the price to stand out. We priced it to sell. I had brokers from our firm and outside the firm give me their opinions. We came up with a number that we thought would speak to the market and fortunately it did.”



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 0 0 0 1 Avg.Ask:
$4,500,000
1
Condos 4 3 0 7 Avg.Ask:
$5,600,714
Avg.$/sq.ft.:
$2,320/sq.ft.
Avg.Size:
2,414 sq.ft.
14
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses 1 0 0 1 Avg.Ask:
$7,137,000
Avg.$/sq.ft.:
$1,722/sq.ft
Avg.Size:
4,145 sq.ft.
2
TOTALS 5 3 0 9 . 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 15 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
November 2-8, 2020
Total Weekly Asking Price Sales Volume: $97,183,995

Average Asking Price: $5,716,706

Median Asking Price: $5,175,000

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

Average Days on Market: 416









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