LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
June 29-July 5, 2020

8 Contracts Signed

Eight contracts were signed last week at $4 million and above, this in a week cut short by the July 4 holiday weekend. The total is one contract fewer than the same week in July 2019. At that point, the market started to slow due to higher mansion taxes that went into effect on July 1, 2019.

Stat Geek Alert: Half of the properties sold were by sponsor/developers. This is the highest total of developer sales since the middle of March, right before the New York State lockdown.

The No. 1 contract was 4B at 443 Greenwich Street, asking $11.4 million, reduced from $12.995 million when it was listed in October 2018. The seller paid $10,923,786 in September 2016. The unit has 3,013 square feet including 3 bedrooms and 3.5 bathrooms. 443 Greenwich is a former factory, built in the 1880s, that was converted into a 53-unit condo, and retains some of the original details, like large windows and huge shutters. Amenities include a lap pool, fitness center, garage with valet parking, a landscaped courtyard, and a roof deck. The listing broker refused to provide any details of the transaction.

The No. 2 contract was 38F at 157 West 57th Street, asking $10.95 million. The unit has 2,416 square feet including 3 bedrooms and 3.5 bathrooms. The living room has views of Central Park. It was sold by the sponsor Extell, which also took the top spot in the previous week with the sale of 59B ($27.1 million) in the same building. The 90-story, 90-unit condo was built above the 5-star Park Hyatt Hotel, which is temporarily shuttered until August because of Covid-19. Normally, amenities include the use of hotel services, fitness center, pool, private dining, a library lounge, performance space, and a garage. Extell, which started selling the building in 2012, would not comment on any of the details of the deal.

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EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 0 0 1 1 Avg.Ask:
$6,947,500
2
Condos 0 3 1 2 Avg.Ask:
$7,511,667
Avg.$/sq.ft.:
$2,967/sq.ft.
Avg.Size:
2,532 sq.ft.
6
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
TOTALS 0 3 2 3 8


*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 8 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 0 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


Select a Date to compare 2020 with previous years

Source: Olshan Realty




QUICK STATS

for the week of
June 29-July 5, 2020
Total Weekly Asking Price Sales Volume: 58,965,000

Average Asking Price: 7,370,625

Median Asking Price: 6,485,000

Average Discount from Original Ask to Last Asking Price: 7%

Average Days on Market: 1044









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