Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
September 14-20, 2020

14 Contracts Signed

Fourteen contracts were signed last week at $4 million and above, the highest total in the last 4 weeks. The volume was $118,800,000, the highest total since the third week in July.

Stat Geek Alert: The 3rd quarter is tracking to total 126 contracts signed at $4 million and above, while the volume is tracking to total $974,047,000. Here’s how those totals compare to the same period in 2019--176 and $1,332,253,000.

The No. 1 contract last week was PH37 at 520 West 28th Street, asking $24.975 million, reduced from $50 million when it was listed in May 2016 by the developer, Related, off of floorplans. Now completed, the triplex has 6,853 square feet including 5 bedrooms, 7 bathrooms, and a roof terrace with over 2,000 square feet. It features a sculptural staircase and an interior elevator.

The building was designed by Pritzker Prize-winning architect Zaha Hadid in a very modern style. Hadid died in 2016, and the 40-unit condo is her only NYC residential commission. It is a bold design incorporating hand-crafted metal, glass-curtain walls, and curved balconies—all overlooking The High Line.

The sponsor was represented by Peter Zaitzeff of Corcoran. He is the 4th broker to represent this listing. The buyer, who is from New York, was represented by a broker from Douglas Elliman, who wants to remain anonymous. Zaitzeff said the buyer came three times to see the unit and was “very educated.” He said video and marketing materials were not necessary, and the contract got signed very quickly. “The story is it’s good for the building, good for the area, and good for the city.” The penthouse is the 12th property to sell in Manhattan in 2020 asking $20 million and above compared to 37 properties in the same period last year.

Since the middle of March, 4 other contracts were signed at 520 West 28th Street. Closed prices on these particular deals have averaged 29% off the original asking price and $2,275/square foot.

The No. 2 contract was a Penthouse at 744 Greenwich Street, asking $12.95 million, reduced from $14 million when it was listed a year ago. The duplex condo has 3,457 square feet with 3 bedrooms and 3.5 baths. The unit features a 48-foot living room with a fireplace and a master bedroom with a balcony. Upstairs is a kitchen, dining room, and a 1100-square-foot wraparound terrace. The 5-unit building has a virtual doorman. The seller and buyer were represented by Jim St. Andre of Compass. St. Andre said the buyer was from the West Coast and toured the apartment in early September. “The main thing is the view is so special. It looks north and east over a corridor of the village with views of some of the iconic buildings in midtown.” He added, “It’s been a less efficient market overall, but that being said, we did not come that much off the price.”



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 1 0 1 1 Avg.Ask:
$6,913,333
3
Condos 2 1 0 5 Avg.Ask:
$9,426,250
Avg.$/sq.ft.:
$2,853/sq.ft.
Avg.Size:
3,305 sq.ft.
8
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses 2 1 0 0 Avg.Ask:
$7,550,000
Avg.$/sq.ft.:
$1,604/sq.ft.
Avg.Size:
4,707 sq.ft.
3
TOTALS 5 2 1 6 . 14


*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 11 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
September 14-20, 2020
Total Weekly Asking Price Sales Volume: $118,800,000

Average Asking Price: $8,485,714

Median Asking Price: $6,197,500

Average Discount from Original Ask to Last Asking Price: 20%

Average Days on Market: 541









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