Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
December 7-13, 2020

23 Contracts Signed

Twenty-three contracts were signed in Manhattan at $4 million and above, two more than the previous week. Condos outsold co-ops, 18 to 5, and no townhouses were in the mix. Nine of the properties were sold by developers.

The No. 1 contract was a combination of 2 apartments sold to one buyer: a penthouse at 1228 Madison Avenue and the 16th floor below. The total asking price was $27,850,000 with a monthly maintenance of $30,336. This is a new co-op building with 15 units on 18 floors that is under construction and designed by architect Robert A.M. Stern; interiors are by Kelly Behun. The duplex penthouse and 16th floor will be reconfigured into a 6,150-square-foot triplex with views of Central Park. Seven terraces total 1,719 square feet. The building is a co-op with condo rules and has a 150-year land lease.

Representing the developers were James Lansill and Megan Flynn of Corcoran Sunshine. The buyers were a New York family represented by Cathy Franklin of The Corcoran Group. Lansill said, “Cathy came to us looking for a very special apartment knowing the building was coming on the market,” he said, noting that before the showing ever happened, Franklin used the floorplans to figure out how to combine the units into a great triplex. Lansill added: “The buyers conceptually committed to it, but then it took a long time to negotiate a customized layout. It was something like 2 to 3 months of negotiation.”

1228 Madison is slated to be completed by next summer. Amenities include a doorman, fitness center, a landscaped roof deck, bike and private storage, and a pet grooming area.

The No. 2 contract was Loft 2 at 49 Greene Street, asking $9.4 million. It has 3,834 square feet, and is in a new 4-unit condo that has a part-time doorman and storage.

The listing broker was Emily Beare of Core, who said, “The apartment feels very bespoke as if you brought in your own designer. Everything was custom-made in Italy–all the millwork in the kitchen, bathrooms, and den. It’s a 50-foot-wide building, so you really feel the expanse of a Soho loft.” Beare said the buyers are a New York family who were represented by an agent from The Corcoran Group.

“I think they made an offer after seeing it only once,” she added. “I have to say, it was pouring rain, a gloomy day, but they fell in love. They came during election week when all the craziness was going on.”

When asked if the price was negotiated, Beare said, “Everything has a little negotiation. It’s a sign of our times.”

Stay safe folks!



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 3 0 0 2 Avg.Ask:
$8,639,000
5
Condos 4 3 0 11 Avg.Ask:
$5,978,333
Avg.$/sq.ft.:
$2,521/sq.ft.
Avg.Size:
2,372 sq.ft.
18
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
TOTALS 7 3 0 13 . 23


*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 23 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 0 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
December 7-13, 2020
Total Weekly Asking Price Sales Volume: $150,805,000

Average Asking Price: $6,556,739

Median Asking Price: $5,495,000

Average Discount from Original Ask to Last Asking Price: 3%

Average Days on Market: 316









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