LUXURY MARKET REPORT 2020


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
February 17-23, 2020

18 Contracts Signed

Eighteen contracts were signed last week at $4 million and above, a decent performance for a national holiday week (Presidents Day). Here’s another piece of good news: Included in the total was the highest sale for 2020, which of course ended up to be……

…..The No. 1 deal of the week—PHAB at 45 East 22nd Street, asking $52 million, reduced from $77 million when it was listed off of floorplans in 2014. The Wall Street Journal reported that the sponsor, Ian Bruce Eichner, said the price was “approximately $45 million,” and the property was sold to Asian buyers. PHAB comprises 2 penthouse apartments that total 13,060 square feet including 6 bedrooms and 6.5 bathrooms. One unit is finished and the other is being delivered raw. The deal included 2 studio/staff apartments on a lower floor, storage, and 2 parking spots. The condo has spectacular 360-degree views of the city including the Hudson River and the Statue of Liberty. The condo is in a new 65-story glass building with 83 units next to Madison Square Park. Amenities include a concierge, fitness center, basketball court, children’s playroom, and an outdoor terrace. Monthly common charges and taxes total $57,242.

The No. 2 contract was also a penthouse—PH31 at 400 East 67th Street, asking $12 million, reduced from $15.45 million when it was listed in July. The seller purchased the unit from the sponsor for $11,226,206 in 2011. It has 4,073 square feet including 3 bedrooms, 4.5 bathrooms, 12-foot ceilings, 2 fireplaces, and 2 large landscaped terraces including a 65-foot roof terrace with an outdoor kitchen. In this condo building known as The Laurel, amenities include a concierge, fitness center, screening room, game room, a conference room with a kitchen, and a garage



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 2 0 0 1 Avg.Ask:
$6,130,000
3
Condos 2 3 0 8 Avg.Ask:
$10,598,462

Avg.$/sq.ft.:
$3,028/sq.ft.

Avg.Size:
3,500 sq.ft.
13
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 1 0 1 Avg.Ask:
$7,807,500

Avg.$/sq.ft.:
$1,501/sq.ft.

Avg.Size:
5,200 sq.ft.
2
TOTALS 4 4 0 10 18
Total Weekly Asking Price Sales Volume: $171,785,000
Average Asking Price: $9,543,611
Median Asking Price: $6,597,500
Average Discount from Original Ask to Last Asking Price: 18%
Average Days on Market: 469
*Condop is a co-op with condo rules.

CLICK HERE TO VIEW 16 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 2 CONTRACTS SIGNED ON TOWNHOUSES


Donna Olshan
President
dso@olshan.com

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

© 2020
Donna Olshan and Olshan Realty
All Rights Reserved




Email Olshan Olshan on Twitter Olshan on Facebook Privacy Policy