Fair Housing Notice

LUXURY MARKET REPORT 2021
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
February 8-14, 2021

38 Contracts Signed

Thirty-eight contracts were signed last week at $4 million and above—yep, 38!--a spectacular number by any standard.

Stat Geek Alert: It was the highest number of contracts signed since the first week of August 2016, when 43 contracts were inked. The volume of $351,544,999 was the highest since the week of December 4-10, 2017, when volume totaled $356,775,000.

The No. 1 contract was Tower PH at 215 East 19th Street, asking $29.5 million, reduced from $33 million when the building, called The Gramercy Square Condominium, started marketing off of floorplans in September 2016. The unit has 6,989 square feet including 5 bedrooms and 6.5 bathrooms, and features a dramatic 5,680-square-foot terrace that surrounds the unit. Representing the developer was Matthew MacKay of Douglas Elliman. Ben Dixon, also of Elliman, represented the buyers.

MacKay said the buyers were local. They first looked at the unit last March using Facetime, and then came back several times during the Summer and Fall. “It was complicated by long negotiations involving the buyers’ desire to install a pool. We had to get involved with engineering, and it took probably at least 3 months to negotiate the price,” said McKay. “The buyers were really specific. They wanted views and privacy, as well as a very large outdoor space and a pool was the priority. I have been doing this for 23 years, and this is the only apartment that I can think of that meets the buyers’ criteria. You can find apartments with outdoor space but nothing that affords this kind of privacy."

The No. 2 contract was 15B at 212 West 18th Street, asking $27.8 million; it was listed in June 2019. This duplex has 3 exposures and 4,748 square feet including 4 bedrooms and 4.5 bathrooms. It has a 686-square-foot terrace surrounding the living room, dining room, and kitchen. The condo is in Walker Tower, which has amenities that include a concierge, 24-hour doorman, lounge, playroom, gym, sauna, and roof deck. The apartment is owned by Michael Stern, one of the Walker Tower developers who purchased the unit for $16,012,500 in September 2014. The listing broker is Vickey Barron of Compass, and reliable sources report that a local buyer purchased the unit and was represented by Leonard Steinberg, also of Compass.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 4 1 1 1 Avg.Ask:
$5,862,857
7
Condos 4 5 1 18 Avg.Ask:
$9,750,000
Avg.$/sq.ft.:
$2,991/sq.ft.
Avg.Size:
3,260 sq.f.
28
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses 1 1 0 1 Avg.Ask:
$12,498,333
Avg.$/sq.ft.:
$2,401/sq.ft.
Avg.Size:
5,205 sq.ft.
3
TOTALS 9 7 2 20 . 38


*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 35 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW PAGE 2 OF 35 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
February 8-14, 2021
Total Weekly Asking Price Sales Volume: $351,544,999

Average Asking Price: $9,251,184

Median Asking Price: $6,230,000

Average Discount from Original Ask to Last Asking Price: 13%

Average Days on Market: 690









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