LUXURY MARKET REPORT 2020


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
May 11-17, 2020

2 Contracts Signed

Two contracts were signed last week at $4 million and above. TWO! That marked the 5th time in the last 8 pandemic weeks that exactly 2 contracts were signed. Talk about being in a rut.

Stat Geek Alert: In the exact same week in 2019, there were 27 contracts signed at $4 million and above totaling $291,215,000 compared to 2 contracts last week totaling a paltry $16.49 million.

The No. 1 contract was 7/8 at 27 East 79th Street, asking $11.995 million, only the fourth contract to top $10 million in the last 8 pandemic weeks. And get this---the unit was sold to a foreigner who never stepped foot into the unit but made a decision off of website photos, floorplans, and renderings. Pamela Johananoff of Corcoran represented both the developer, Adellco, and the buyer. The duplex has 3,006 square feet including 3 bedrooms, a media room, and 5.5 bathrooms. The apartment is in a new 15-story condo that has 7 units, and was built on a 24-foot-wide lot. Amenities include a 24-hour doorman and storage.

Johananoff said: “The contract happened fairly easily. The buyer knew what he wanted. He was referred by a group of friends who knew about the building. He took a leap of faith. We had a very complete fact sheet including floorplans and renderings. Every question was answered, and we gave him all the specifications down to the millwork.”

The No. 2 contract was the 4th floor at 43 West 13th Street, asking $4,495,000, reduced from $5.3 million when it was listed 2 years ago. It has 3 bedrooms and 3.5 bathrooms over approximately 5,000 square feet. The unit has 14-foot ceilings and cast iron columns, and needs to be renovated. It is in a 9-story, 12-unit co-op building that does not have a doorman.

The listing cycled through 3 different brokerage firms over a 2-year period. The seller was represented by Barak Dunayer and Jacky Teplitzky of Douglas Elliman. The buyer was represented by Scott Hamm of Compass. He said the buyer had been looking for a year, and he showed him the unit in an open house in February. By late March, the buyer started negotiating. It took about a month for the contract to be signed because due diligence was slow--particularly getting an electronic copy of the co-op board minutes, which was finally provided after the buyer and his attorney agreed to sign a non-disclosure agreement. Typically, co-op board minutes are read at the managing agent’s office, but with offices closed, brokers and attorneys are reporting that managing agents and boards have been struggling with how to adapt to the new virtual landscape.

Dunayer said the deal was all cash, and described the buyer as “a savvy real estate person who wanted to live in the area. You can find the square footage in Soho and Tribeca but not in Greenwich Village.” Hamm said, “I think my buyer feels that everyone got a fair deal.”

One more thing: I have written an article for Forbes.com that you might find of interest. It’s about the prevalence of contracts signed prior to the pandemic that have been renegotiated. Some buyers have also walked away from deposits too. If you want to read the article and receive my upcoming articles, please click on the Follow box. https://www.forbes.com/sites/donnaolshan/#42a999173991

Stay Safe Folks!



East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 0 0 0 1 Avg.Ask:
$4,495,000
1
Condos 1 0 0 0 Avg.Ask:
$11,995,000

Avg.$/sq.ft.:
$3,990/sq.ft.

Avg.Size:
3,006 sq.ft.
1
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 1 0 0 1 2
Total Weekly Asking Price Sales Volume: $16,490,000
Average Asking Price: $8,245,000
Median Asking Price: $8,245,000
Average Discount from Original Ask to Last Asking Price: 3%
Average Days on Market: 811
*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 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

© 2020
Donna Olshan and Olshan Realty
All Rights Reserved




Email Olshan Olshan on Twitter Olshan on Facebook Privacy Policy