LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
May 4-10, 2020

6 Contracts Signed

Six contracts were signed last week at $4 million and above, five more than the previous week. It was the highest weekly total and dollar volume since the New York State shutdown on March 22.

Stat Geek Alert: In the last seven weeks, a total of 20 contracts were signed at $4 million and above compared to 158 during the same 7-week period last year. Price reductions from the original asking price to the last asking price averaged 14%. The average days on the market was 653.

The No. 1 contract was a brownstone at 326 West 87th Street, asking $7.995 million, reduced from $9.9 million when it went on the market almost 2 years ago. This 4-story, 20-foot-wide house was purchased for $2,925,000 in February 2004 and then underwent a 2-year gut renovation. It has 6,577 square feet including 6 bedrooms, 4 bathrooms, 2 powder rooms, a garden, 2 terraces, and a rooftop caged-in basketball court. The rear wall is constructed of glass and features a dramatic double-height ceiling in the dining room. It has central air conditioning and geothermal heating. Various Law and Order episodes have been filmed in the house.

The brownstone was sold directly by owner Jess Mogul to a buyer who was not represented by a broker. Mogul said he worked with a brokerage firm for a year, but had no luck; he then took over the marketing and reduced the price. Several potential buyers circled the property for months. According to Mogul, he ended up with two different buyers, who at various points were in and out of the deal, raising and lowering their offers, and changing terms as the pandemic hit. Mogul passed on a lower, all-cash offer from a buyer who was represented by a broker, and instead signed a contract at a higher price with a buyer who wasn’t represented by a broker. The buyer is getting a mortgage, but the contract is not contingent on financing.

At one point, Mogul considered not selling because his 4 children are back home riding out the pandemic. “I thought of pulling it off the market because I believed that a single-family house will be at a premium during this time,” he said. “People are freaked out about living in a high rise with elevators and common areas. You can’t find a better situation than this townhouse.”

The No. 2 contract was 56A at 30 Park Place, asking $7.95 million, reduced from $9.3 million when the building started marketing off of floorplans in 2014. The unit has 2,811 square feet including 4 bedrooms, 4.5 bathrooms, and sweeping north and west views of the city and Hudson River.

Angeli Dahiya of Corcoran Sunshine represented the legendary developer Larry Silverstein, who lives in the building. Endre Boksay of Compass represented the buyer. The buyer had seen a smaller, lower-floor, 3-bedroom unit several times, but once the pandemic hit, the buyer backed away. The developer became more flexible about negotiating, so the brokers redirected the buyer to a higher-floor, 4-bedroom unit using a virtual tour. Soon negotiations started. Dahiya said, “ I always tell Silverstein to try to counter everything and give them transparency.”

Pandemic pricing on a larger apartment seemed to do the trick. Dahiya said, “They were very happy with the deal and so was Silverstein. They got a great deal, better than any other in the line, and we were really glad that we got to reel them back in. Silverstein just wanted to wrap it up.” Only 6 units are left out of 157 condos in the 80-story limestone building designed by Robert A.M. Stern. Prices have averaged around $3,053/sq.ft. The bottom 22 floors is occupied by The Four Seasons Hotel, which is now closed during the pandemic, making the marketing even more challenging. Amenities include a concierge, fitness center, 75-foot swimming pool, garage, restaurant, bar and lounge, ballroom facilities, meeting rooms, a children’s play room, and screening room.

One more thing: I will be writing about real estate for Forbes.com. My first article can be found on the link:

https://www.forbes.com/sites/donnaolshan/2020/05/10/coronavirus-has-new-yorkers-fleeing-the-city-and-hunting-for-second-homes/#125b512f620a

If you are interested in subscribing to my upcoming articles on Forbes.com, the link is here and click on Follow:

https://www.forbes.com/sites/donnaolshan/#42a999173991

Stay safe folks!



EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 1 1 0 0 Avg.Ask:
$6,125,000
2
Condos 0 0 0 2 Avg.Ask:
$7,375,000
Avg.$/sq.ft.:
$2,606/sq.ft.
Avg.Size:
2,830 sq.ft.
2
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses Avg.Ask:
$6,495,000
Avg.$/sq.ft.:
$1,385/sq.ft.
Avg.Size:
4,689 sq.ft.
2
TOTALS 1 2 0 3 6


*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 4 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 2 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





QUICK STATS

for the week of
May 4-10, 2020
Total Weekly Asking Price Sales Volume: 39,990,000

Average Asking Price: 6,665,000

Median Asking Price: 6,650,000

Average Discount from Original Ask to Last Asking Price: 19%

Average Days on Market: 740









OLSHAN REALTY, INC. | Established 1980
641 Lexington Avenue, Suite 2200, New York, NY 10022 | 212-751-3300 | Privacy Policy