Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
January 25-31, 2021

27 Contracts Signed

Twenty-seven contracts were signed last week at $4 million and above, 13 more than the previous week. This stellar performance closely mirrors the same week last year, when 26 contracts were signed.

Stat Geek Alert I: The dollar volume of $234,793,000 is the highest since the last week of June 2019, when $236,990,000 was registered.

Stat Geek Alert II: A little more than half of the apartments sold were by developers.

The No. 1 contract was 11N at 70 Vestry Street, asking $28.5 million, raised by $4 million when the developer, Related, started marketing the building in 2016. The condo has 5,003 square feet including 5 bedrooms, 7.5 bathrooms, a library, and a 149-square-foot terrace off the master bedroom. The living room (with a fireplace) and the library overlook the Hudson River. Amenities include a doorman, fitness center with a yoga and Pilates studio, an 82-foot-long swimming pool, a lounge, and a billiards room. The listing broker declined to comment because he said he signed a non-disclosure agreement.

The No. 2 contract was the 11th floor at 1010 Park Avenue, asking $18.5 million. The unit has 3,881 square feet including 4 bedrooms and 4.5 bathrooms. It is in a new building, developed by Extell, which demolished the 25-foot-wide annex of Park Avenue Christian Church to build an 11-unit, 15-story condo with a doorman, gym, and pool. Beth Benalloul and Hilary Landis of Corcoran represented the developer, and the buyers, a New York family, were represented by Amy Katcher, also of Corcoran.

“The market in general is better and we have been aggressively telling people we are working with pricing,” said Benalloul. “I think The Benson (1045 Madison) has been selling a lot too and buyers have gone to see that and then come to see 1010 Park. I think we are in line with them now, but the difference is 1010 Park is finished and people can move in whenever they want.”

Note: On Friday, the sponsor lowered asking prices on 3 other units in the building with discounts ranging from 18% to 30%.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 2 0 0 1 Avg.Ask:
$4,966,667
3
Condos 4 2 0 14 Avg.Ask:
$9,722,650
Avg.$/sq.ft.:
$2,948/sq.ft.
Avg.Size:
3,298 sq.ft.
20
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses 1 2 0 1 Avg.Ask:
$6,360,000
Avg.$/sq.ft.:
$1,332/sq.ft.
Avg.Size:
4,775 sq.ft.
4
TOTALS 7 4 0 16 . 27


*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 4 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 25-31, 2021
Total Weekly Asking Price Sales Volume: $234,793,000

Average Asking Price: $8,696,037

Median Asking Price: $7,000,000

Average Discount from Original Ask to Last Asking Price: 6%

Average Days on Market: 702









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