Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
November 9-15, 2020

22 Contracts Signed

Twenty-two contracts were signed last week at $4 million and above, the highest total since the first week in March--right before the pandemic kicked into high gear--when 27 contracts were signed.

Stat Geek Alert: Surprisingly, in the last 4 weeks, 72 contracts have been signed at $4 million and above compared to 64 contracts in the same period in 2019.

The No. 1 contract was PHB at 1045 Madison Avenue, asking $35 million. The penthouse duplex is in a new condo called The Benson, which is under construction between 79th and 80th Street. The unit has 6,632 square feet including 7 bedrooms and 7.5 bathrooms. The corner living room measures 19’ x 24’ and has a gas fireplace. Three terraces off the entertaining space total 752 square feet. The 15-unit, 18-story building was designed in a traditional style by architect Peter Pennoyer. Amenities include a concierge, roof terrace, fitness center, half-court basketball, a children’s playroom, a library with a garden, and a pet spa. The listing brokers declined to comment on the sale.

The No. 2 contract was PHB at 7 Hubert Street, asking $21 million; it was listed in May. The penthouse condo has 4,200 square feet including 3 bedrooms, 3.5 bathrooms, an office, media room, and 360-degree views. The unit was designed by architect Thierry Despont. It was purchased by the seller for $15.6 million in June of 2013. Building amenities include a doorman, fitness center, children’s playroom, bike room, and storage.

The listing broker was Richard Orenstein of Brown, Harris, Stevens, and the buyer was represented by Jeremy Stein of Sotheby’s, who said, “The buyer was from out-of-state and was looking for a place in NYC that they will use with growing frequency. They wanted something really special, which they found in PHB.“

Orenstein declined to provide further details other than to say, “I never sell and tell.” He added, “Extraordinary apartments still sell for extraordinary prices.”



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 3 0 0 2 Avg.Ask:
$6,411,000
5
Condos 3 0 1 10 Avg.Ask:
$9,259,571
Avg.$/sq.ft.:
$3,000/sq.ft
Avg.Size:
3,086 sq.ft.
14
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses 1 0 0 2 Avg.Ask:
$8,941,667
Avg.$/sq.ft.:
$1,665/sq.ft.
Avg.Size:
5,371 sq.ft.
3
TOTALS 7 0 1 14 . 22


*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 19 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 3 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 9-15, 2020
Total Weekly Asking Price Sales Volume: $188,514,000

Average Asking Price: $8,568,818

Median Asking Price: $5,825,000

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

Average Days on Market: 474









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