LUXURY MARKET REPORT 2020


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
March 16-22, 2020

14 Contracts Signed

Fourteen contracts were signed last week, a decent total in the midst of Life In the Time of the Coronavirus that has caused a stock market meltdown and a New York State shutdown of all businesses not considered essential. Condos outsold co-ops, 10-1, and 3 townhouses were in the mix. The dollar volume dropped 58% from 3 weeks ago to $90,910,000.

Stat Geek Alert: To give perspective, 13 signed contracts was the average weekly total from July 1-September 1, 2019. During that period, the average dollar volume was $94,646,111.

The No. 1 contract was a townhouse at 40 Gramercy Park North, asking $12.995 million, reduced from $14.95 million when it was listed in January 2019. This 20.5-foot-wide, 5-story house has 7,200 square feet including 6 bedrooms, 6 bathrooms, 3.5 powder rooms, and an elevator. The house is one of the few single-family homes on Gramercy Park. It has 13-foot ceilings on the parlor floor, 6 fireplaces, a garden, plus a rooftop terrace. The house was renovated 20 years ago.

The No. 2 contract was Apartment 5E at 601 Washington Street, asking $8.85 million. It is the second time in the last 3 weeks that an apartment in this new 9-story, 10-unit condominium, designed by BKSK Architects, has taken one of the top 2 spots. The unit has 3,000 square feet including 3 bedrooms and 3.5 bathrooms. The master suite has a balcony and a large walk-in closet. Amenities include a concierge, fitness room, rooftop terrace, and storage.



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 0 1 0 0 Avg.Ask:
$4,995,000
1
Condos 2 1 1 6 Avg.Ask:
$6,217,000

Avg.$/sq.ft.:
$2,194/sq.ft.

Avg.Size:
2,834 sq.ft.
10
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 1 1 0 1 Avg.Ask:
$7,915,000

Avg.$/sq.ft.:
$1,541/sq.ft..

Avg.Size:
5,137 sq.ft.
3
TOTALS 3 3 1 7 14
Total Weekly Asking Price Sales Volume: $90,910,000
Average Asking Price: $6,493,571
Median Asking Price: $5,837,500
Average Discount from Original Ask to Last Asking Price: 5%
Average Days on Market: 417
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 11 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 3 CONTRACTS SIGNED ON TOWNHOUSES

Donna Olshan
President
dso@olshan.com
Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com