Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
December 14-20, 2020

17 Contracts Signed

Seventeen contracts were signed last week at $4 million and above, slipping from 23 contracts that were signed the previous week. Co-ops tied condos, 7 to 7, while 3 townhouses were in the mix.

Stat Geek Alert: The 4th quarter has sparked a luxury market revival: 232 contracts were signed compared to 229 in 2019. So far, this year’s 4th quarter volume total is $1,872,114,484 vs. $1,784,083,999 in 2019.

The No. 1 contract was an off-market deal that has been confirmed by reliable sources. It is one of the most expensive condos sold in Manhattan this year: 9C at 150 Charles Street for around $40 million. The seller was billionaire Barry Sternlicht, Starwood Capital Group’s CEO and co-founder, whose firm is headquartered in Miami Beach. Parties to the deal signed non-disclosure agreements. The purchaser is a domestic buyer.

Sternlicht bought the duplex off of floorplans in 2013 and closed for $34,433,707 in March 2016. It has 5,698 square feet including 5 bedrooms and 5.5 bathrooms with spectacular views of the Hudson River. Two landscaped terraces total 2,727 square feet.

150 Charles Street was one of the biggest condo hits in luxury market history. The project sold out 90 units off of floorplans in the Spring 2013, averaging $3,033/sq.ft. Amenities include concierge, garage, fitness center, 75-foot pool, children’s playroom, and 33,000 square feet of landscaped garden space.

The No. 2 contract was a townhouse at 132 East 70th Street, asking $9.75 million. The house has cycled through at least 2 brokerage firms, and in 2017 was on the market for as high as $20 million. It is a 5-story house that is 20-feet wide and has 7,224 square feet and an elevator. It needs to be renovated, and the first 2 floors are commercially-zoned. Annual real estate taxes are $196,197.

The listing broker declined to comment on the sale.

One more thing: On Wednesday, December 23, we will be publishing our Year End 2020 Olshan Report.

See you then!



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 3 2 0 2 Avg.Ask:
$4,734,286
7
Condos 1 1 1 4 Avg.Ask:
$10,721,286
Avg.$/sq.ft.:
$3,554/sq.ft.
Avg.Size:
3,017 sq.ft.
7
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses 2 0 0 1 Avg.Ask:
$7,415,000
Avg.$/sq.ft.:
$1,385/sq.ft.
Avg.Size:
5,352
3
TOTALS 6 3 1 7 . 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 14 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
December 14-20, 2020
Total Weekly Asking Price Sales Volume: $130,433,999

Average Asking Price: $7,672,588

Median Asking Price: $4,995,000

Average Discount from Original Ask to Last Asking Price: 12%

Average Days on Market: 297









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