LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
June 1-7, 2020

4 Contracts Signed

Four contracts were signed last week at $4 million and above, one less than the previous week. Nevertheless, there were some noteworthy deals that offered new hope in the luxury market. Take a look:

Stat Geek Alert I: Three of the four contracts were on properties asking in excess of $10 million. To give perspective, only one contract signed in May was listed north of $10 million.

Stat Geek Alert II: The dollar volume of $46,895,000 was the highest weekly total in the last 11 pandemic weeks.

The No. 1 contract was PHB at 415 Greenwich Street, asking $18.995 million, reduced from $20 million when it was listed in September 2019. The duplex penthouse condo has 4,470 square feet including 5 bedrooms, 4.5 bathrooms, and terraces totaling 2,000 square feet. It also has a 45-foot great room that opens onto a landscaped terrace with an outdoor kitchen. The unit was purchased for $11.5 million in December 2015 and then went through a 3-year renovation. By the time it was completed, the owners had moved to Colorado. The building is known as the Tribeca Summit, and amenities include a doorman, a fitness center, storage rooms, and parking.

The seller was represented by Danny Davis of the Corcoran Group and the buyers were represented by Josh Wesoky of Compass. The buyers saw the unit off of pictures, floorplans, and video. Wesoky had previewed the penthouse last July before it went on the market and before his clients, who were living in a Tribeca rental, were actually ready to buy. “We started the negotiations about 3 ½ weeks ago,” Davis said. “We first negotiated the price and terms, and once we had an accepted offer, then the buyers came to see the apartment on their own.” He said the seller was aghast at negotiating before the buyers saw the unit. “I had to explain to him that this is how business is done at this time. Once we came to an agreement on price, everything went thru very smoothly, and there was no re-trading. Both parties acted in good faith, and we were able to get it done.”

Davis said that the buyers had been sheltering outside the city. “They were a family, and they wanted something brand new, turn key, and some of the furniture was sold with the apartment. Hopefully they will move in in a few weeks.”

The No. 2 contract was 11A at 260 West Broadway, asking $11.5 million, reduced from $14.8 million when it was listed in February 2019. The condo has 3,777 square feet including 2 bedrooms and 3 bathrooms. It has a 33-foot great room with a wood-burning fireplace, and features a media room within a spectacular oak-paneled rotunda that measures 28 feet in diameter with a 25-foot-high ceiling. This dramatic apartment has appeared in Architectural Digest and was designed by Thomas O’Brien of Aero Studios. The condo, known as The American Thread building, has a doorman, gym, and roof deck.

Carrie Chiang and Loy Carlos of the Corcoran Group represented the sellers. Michelle Griffith, who at the time was at Corcoran, represented the buyers. (Griffith has since moved to Compass.) Carlos said the buyer saw the unit once in January. “The reality is that the apartment is one of a kind,” he said. “They loved the neighborhood, and the kind of space and things they could do with it. Under normal circumstances, we would have been a lot more firm on the price, but with what’s going on we were able to come to an agreeable price.”

The No. 3 contract was a townhouse at 29 Beekman Place, asking $11.45 million, reduced from $49.9 million when it was listed in 2014. It has cycled through six different brokerage firms over the listing period. The 12,260-square-foot house was purchased in 1980 by Princess Ashraf Pahlavi, the twin sister of the last Shah of Iran. The princess passed away in 2016 at the age of 96. The property has been tied up in complicated lawsuits with competing claims by heirs and by an employee claiming a pension. As a result, the property was thrown into bankruptcy court. The listing brokers are a co-exclusive between Charlie Attias of Compass and Greg Corbin of Rosewood Realty. Attias would not reveal any details of the sale because he said he was under a confidentiality agreement.

For those interested, Forbes.com just published an article I wrote about the must-have items in residential real estate in a pandemic. If you want to read the article and receive my upcoming articles, please click on the Follow box and sign up:
https://www.forbes.com/sites/donnaolshan/#42a999173991



EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 1 0 0 0 Avg.Ask:
$4,950,000
1
Condos 0 0 0 2 Avg.Ask:
$15,247,500
Avg.$/sq.ft.:
$3,698/sq.ft.
Avg.Size:
4,124 sq.ft.
2
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses Avg.Ask:
$11,450,000
Avg.$/sq.ft.:
$934/sq.ft.
Avg.Size:
12,260 sq.ft.
1
TOTALS 1 0 1 2 4


*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 3 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 1 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 1-7, 2020
Total Weekly Asking Price Sales Volume: 46,895,000

Average Asking Price: 11,723,750

Median Asking Price: 11,475,000

Average Discount from Original Ask to Last Asking Price: 48%

Average Days on Market: 815









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