Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
January 11-17, 2021

16 Contracts Signed

Sixteen contracts were signed last week at $4 million and above, 11 fewer than the previous week’s stellar performance.

Stat Geek Alert: One bright spot is seven of the 16 contracts were signed on properties asking more than $10 million. The last time that happened was the first week in March 2020, just before New York State’s 3-month shutdown due to the pandemic.

The No. 1 contract was the 53rd floor of 111 West 57th Street, asking $26.5 million. The condo has 4,183 square feet including 3 bedrooms and 3.5 bathrooms; it has spectacular views overlooking Central Park. The 46-unit, 82-story building rises 1,428 square feet on the former site of the Steinway & Sons piano store. The upper floors are expected to start closings in the Spring. Amenities include a concierge, a fitness center, 82-foot pool, lounge, terrace, and a private dining room. There is also a covered driveway entrance.

The onsite broker representing the sponsor was Amy Williamson of Douglas Elliman. The buyer was represented by Benjamin Pofcher and Nikki Field of Sotheby’s International Realty. Pofcher said the buyers are US-based, real estate developers who already own a pied-a-terre in New York and wanted to upgrade. “They flew in and identified 57th Street as where they wanted to buy,” said Pofcher, who toured properties for 2 days with the clients. “They sensed the timing was right to get a deal and they got one.”

The No. 2 contract was unit 27 at 50 Central Park South, asking $24.5 million, reduced from $39.5 million when it was listed just over 2 years ago. This Ritz Tower condo is owned by fashion magnate and film producer Sidney Kimmel. It has 6,829 square feet including 2 bedrooms and 3 terraces. The master suite is over 2,000 square feet, and a 53-foot terrace off the living room and library overlooks Central Park. Douglas Elliman’s Steve Cohen represented the seller and James Flowers represented an international buyer.

“It is a one-of-a-kind apartment, just shy of 7,000 sq.ft. with 1,500 square feet of terrace right on Central Park,” said Cohen. “The building has 11 units, and in today’s world, people are looking for exclusivity and a lot fewer units particularly because of Covid.”

“Most people felt they would gut the entire apartment. It was gorgeous but in a particular style,” said Cohen about the unit, which was designed by Thierry Despont. “I think we had the right buyer, and I communicated with enough brokers to know there was a deal to be had here.”



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 1 1 0 0 Avg.Ask:
$11,247,500
2
Condos 2 0 2 8 Avg.Ask:
$9,773,750
Avg.$/sq.ft.:
$3,204/sq.ft.
Avg.Size:
3,051 sq.ft.
12
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses 0 0 0 2 Avg.Ask:
$16,472,500
Avg.$/sq.ft.:
$2,326/sq.ft.
Avg.Size:
7,083 sq.ft.
2
TOTALS 3 1 2 10 . 16


*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 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
January 11-17, 2021
Total Weekly Asking Price Sales Volume: $172,725,000

Average Asking Price: $10,795,313

Median Asking Price: $7,250,000

Average Discount from Original Ask to Last Asking Price: 18%

Average Days on Market: 786









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