LUXURY MARKET REPORT 2020


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
March 30-April 5, 2020

2 Contracts Signed

And then there were 2—again.

Meaning for the 2nd week in a row, only 2 contracts were signed in Manhattan at $4 million and above. We’ll take it, considering that the New York State shelter-in-place order kept the public in their homes, and on top of that, the stock market suffered its worst first quarter ever.

The top 2 deals were sky-high condos far removed from the pandemic madness on the ground.

The No. 1 contract was PH57 at 56 Leonard Street, asking $24.5 million, reduced from $29.5 million. It was the last sponsor apartment to sell in the building. Kudos to broker Elizabeth Unger of Corcoran Sunshine, who has been the sponsor’s agent since the building started marketing off of floorplans in 2013. I emailed Ms. Unger for details about how the deal got done, and she replied that due to the confidential nature of the negotiations, she could not provide such details, though she did note: “It was purchased by a local family in need of a large residence who fell in love with the building and the views.”

PH57 has 5,252 square feet including 4 bedrooms, 4.5 bathrooms, a fireplace, plus 2 terraces and a balcony that total 1,763 square feet. The unit has 14-foot-high ceilings and breathtaking city and Hudson River views. 56 Leonard is a 60-story, 145-unit condo designed like a glass obelisk by Pritzker Prize-winning architects Herzog & de Meuron. It has 17,000 square feet of amenities including a 75-foot pool, indoor/outdoor theaters, landscaped sundeck, fitness center, sauna, lounge, and a children’s playroom.

The No. 2 contract was 76B at 146 West 57th Street, asking $4.5 million, raised from $4.35 million when it was listed in July 2018 just as the unit was starting to undergo a gut renovation. The listing broker, Alexander Glibbery of Compass, described the deal as the hardest to negotiate in his 10-year career. The unit, in Metropolitan Tower condominium, has 1,463 square feet with breathtaking Central Park views from the living room and its 2 bedrooms. It has 2.5 bathrooms, and is one floor below the penthouse. Amenities include a concierge, fitness center, pool, roof deck and private restaurant.

In 2011, the owner, who lives in Europe, bought a combined unit comprised of 76A and 76B for a total of $7,775,000. He then divided the apartment and rented the units. In 2018, 76A and 76B were gut renovated and individually marketed for sale. 76A, which has 2,100 square feet, sold first for $5.4 million in April 2019 ($2,571/sq.ft.).

In January, the buyer, who was from Tokyo and represented by Andy Kim of Nestseekers, saw 76B twice. As March descended under the cloud of the pandemic, several parties came forward and made low offers in an effort to score a Covid-19 discount. The bidding drove the price up, but the contract took 2 weeks to sign, and over that period the price was renegotiated for $50K less. In the end, a contract was signed for $4.3 million --all cash –translating to $2,939/sq.ft., the highest $/sq.ft price recorded in almost a decade in the building.

Alexander Glibbery then reached out to the condo board, and got it to agree to allow the buyer to submit an abbreviated condo board application. Glibbery reported that he is searching virtually for another unit for the owner, who is attempting to roll the profit into another investment property in a 1031 tax free exchange.

Stay safe everyone!



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 0 0 0 0 Avg.Ask:
0
Condos 0 0 1 1 Avg.Ask:
$14,500,000

Avg.$/sq.ft.:
$4,319/sq.ft.

Avg.Size:
3,358 sq.ft.
2
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:
.

Avg.Size:
0
TOTALS 0 0 1 1 2
Total Weekly Asking Price Sales Volume: $29,000,000
Average Asking Price: $14,500,000
Median Asking Price: $10,000,000
Average Discount from Original Ask to Last Asking Price: 14%
Average Days on Market: 1,615
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 2 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 0 CONTRACTS SIGNED ON TOWNHOUSES


Donna Olshan
President
dso@olshan.com

Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com

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Donna Olshan and Olshan Realty
All Rights Reserved




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