Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
January 18-24, 2021

14 Contracts Signed

Fourteen contracts were signed last week at $4 million and above, 2 fewer than the previous week. The numbers might seem mediocre, but they are in line with the same week in January in past years. Last year, for example, 15 contracts were signed; 2019: 11 contracts; 2018: 15 contracts; 2017: 13 contracts.

Stat Geek Alert: In the last 5 weeks, 90 contracts were signed at $4 million and above, the strongest 5-week holiday period since 2017, when 96 such contracts were signed.

Last week’s No. 1 contract was PH at 37 East 12th Street, asking $19.950 million, reduced from $33.5 million when it went on the market in April 2015. The triplex condo has 6,325 square feet including 4 bedrooms and 4.5 bathrooms. The top floor has a rooftop terrace with 1,188 square feet. Common charges and taxes total $25,421 per month. Amenities in the 6-unit building include a doorman, gym, and storage. Adam Modlin of Modlin Real Estate represented the sponsor, Edward J. Minskoff. Andrew Anderson of Douglas Elliman represented the buyers, a New York family.

Anderson said it was the first apartment he showed his clients over a year ago, and they made an offer when it was listed at $22.65 million. Periodically, he would check in, and by November, the unit was on its 4th brokerage firm and the price was dropped to $19.950 million. “It’s got a really great terrace, and the scale and proportions are amazing. It’s open and loft-like but still has some intimate spaces, tall ceilings, light and air,” said Anderson. “Once they adjusted the price, we submitted another offer and this time got a different reaction.”

He added: “My personal view is the mass market doesn’t need to price 15% to 20% above market value. The sharper you price the product, the faster it sells. The market is sophisticated enough to recognize the seriousness of the seller, and realistic pricing moves a property faster.”

The No. 2 contract was PHS at 262 Central Park West, asking $19.75 million; it was listed in July. The penthouse co-op has 3 bedrooms, a library, and 4.5 bathrooms. A 2,500-square foot terrace wraps around the apartment. The living room, dining room, library, and kitchen open onto a terrace that spans 95-feet overlooking Central Park. The listing brokers were Sabrina Saltiel and Shari Scharfer Rollins of Douglas Elliman and James Flowers, also of Elliman, represented the buyers, who are a New York family. “The terrace was unlike anything I have ever seen,” said Rollins. “Someone can move into the apartment or someone can renovate it to their own taste. It’s been well-maintained.”



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 1 2 0 1 Avg.Ask:
$10,086,250
4
Condos 1 0 0 8 Avg.Ask:
$8,490,555
Avg.$/sq.ft.:
$2,798/sq.ft.
Avg.Size:
3,035 sq.ft.
9
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses 0 0 0 1 Avg.Ask:
$7,995,000
Avg.$/sq.ft.:
$1,690/sq.ft.
Avg.Size:
4,730 sq.ft.
1
TOTALS 2 2 0 10 . 14


*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 13 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 1 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 18-24, 2021
Total Weekly Asking Price Sales Volume: $124,754,999

Average Asking Price: $8,911,071

Median Asking Price: $7,500,000

Average Discount from Original Ask to Last Asking Price: 19%

Average Days on Market: 985









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