Fair Housing Notice

LUXURY MARKET REPORT 2021
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
February 1-7, 2021

30 Contracts Signed

Thirty contracts were signed last week at $4 million and above—the largest total since the third week in November 2019, when 30 contracts were also signed. Condos outsold co-ops, 21 to 4, and 5 townhouses were in the mix.

Stat Geek Alert: In the last 2 weeks, 57 contracts were signed, including 48 apartments and 9 townhouses that total $478,718,000. Half of the apartments were sold by developers. The strong totals in the last 2 weeks continued a trend that started after the November election--a cocktail stirred with ingredients ranging from the Covid-19 vaccine to low interest rates, a robust stock market, and meaningful discounts.

The No. 1 contract last week was the 10th and 11th floors at 1045 Madison Avenue, asking $27,950,000. The buyer purchased separate floors in a new condo called The Benson, and is having the developer, Naftali Group, combine the units into a duplex comprised of 8,386 square feet. The buyer will pay the sponsor for the extra construction costs.

Architect Peter Pennoyer designed the building in a traditional style. Amenities include a concierge, roof terrace, fitness center, half-court basketball, a children’s playroom, a library with a garden, and a pet spa. The 15-unit, 18-story building launched sales in September, and 8 are currently under contract with asking prices averaging $3,929/sq.ft.

The listing brokers were Alexa Lambert and Alison Black of Compass. The buyer was represented by Bo Poulsen of Brown Harris Stevens, who showed the unit virtually. The buyer never visited the sales office or the building.

“I worked with these clients for a long time. I knew their aesthetic and what they wanted,” said Poulsen. “We looked on and off for years. The apartment ticked off the right boxes--it offered a lifestyle that you couldn’t get in a townhouse, which is what we were initially looking for. Townhouses that are 25-feet or 30-feet wide are restrictive in terms of space. You get a different sense of light and feeling in this apartment. There are high ceilings on both floors, a better layout, and not as much wasted space with staircases.”

The No. 2 contract was 62B at 157 West 57th Street, asking $19.9 million, reduced from $25.2 million; it was sold by the sponsor, Extell, who started marketing the building in 2013. The condo has 4,193 square feet including 3 bedrooms and 3.5 bathrooms. A 42-foot living room, master bedroom, and gallery face Central Park. The building was designed by Pritzker Prize-winning architect Christian de Portzamparc, with interiors by Thomas Juul-Hansen. The 90-story, 90-unit condo was built above the 5-star Park Hyatt Hotel that has a separate entrance for its 210 rooms. Amenities include use of hotel services, a fitness center, pool, private dining, a library lounge, performance space, and a garage.

The listing broker declined to provide any details about the transaction.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 3 0 0 1 Avg.Ask:
$5,860,000
4
Condos 5 2 1 13 Avg.Ask:
$8,711,190
Avg.$/sq.ft.:
$2,752/sq.ft.
Avg.Size:
3,165 sq.ft.
21
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses 3 1 1 0 Avg.Ask:
$7,510,000
Avg.$/sq.ft.:
$1,213/sq.ft.
Avg.Size:
6,194 sq.ft.
5
TOTALS 11 3 2 14 . 30


*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 25 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 5 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
February 1-7, 2021
Total Weekly Asking Price Sales Volume: $243,925,000

Average Asking Price: $8,130,833

Median Asking Price: $6,495,000

Average Discount from Original Ask to Last Asking Price: 10%

Average Days on Market: 743









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