LUXURY MARKET REPORT 2020


Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
June 15-21, 2020

12 Contracts Signed

Twelve contracts were signed last week at $4 million and above, the highest total in the 13 pandemic weeks. Phase 2 in New York City starts today, when brokers will be allowed to show properties under strict practices and regulations outlined by New York State.

Stat Geek Alert: In the last 13 weeks, encompassing Phase 1, 53 contracts were signed at $4 million and above totaling $427,609,999. In the same 13-week period last year, 272 contracts were signed totaling $2,606,722,699.

Stat Geek Alert II: In the last 13 weeks, the average price drop from the original asking price to the last asking price was 16% in the luxury market. The average days on market was 677 days. In the same 13-week period in 2019, the average price drop from the original asking price to the last asking price was 9%, and the average days on the market was 461 days.

The No. 1 contract was PH52 at 56 Cooper Square, asking $9,999,999, reduced from $14.5 million when it was listed in October 2018. The seller paid $15.5 million for the property in 2015. The condo duplex has 4,506 square feet including 4 bedrooms and 3.5 bathrooms. It also has a landscaped terrace that totals 1,500 square feet and features a hot tub.

The listing broker was Tal Alexander of Douglas Elliman and the buyer’s broker was Austin Schuster from Compass. Alexander said that he had an accepted offer shortly before the pandemic hit and then the buyer withdrew the offer. Then, about three weeks into the pandemic period, Alexander said Schuster reached out to him on behalf of another interested buyer, who was on the West Coast. They arranged for a virtual tour and that was that--the buyer never stepped into the property. Alexander said, “They started at a much lower price, and it took Austin about 10 weeks to get his client up to where my seller would accept an offer.” He said that the deal was done at less than 5% off the asking price.

The No. 2 contract was 31A/B at 500 Park Avenue, asking $8.5 million, reduced from $9.7 million when the condo was listed in February 2019. The unit has 4,682 square feet including 4 bedrooms, 5.5 bathrooms, a library, and a den. The seller was represented by Anthony Barillo of Douglas Elliman, and the buyer was represented by Wendy Sarasohn of Brown, Harris, Stevens. “They saw the apartment before Covid, before everything happened, saw it like 5 times,” said Barillo. “The negotiation took a week and a half. The contract took forever, mostly because the managing agent took a long time to answer questions.”

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East West Midtown Downtown Asking $/sq.ft. Totals
Co-ops 1 1 0 0 Avg.Ask:
$6,495,000
2
Condos 1 2 2 3 Avg.Ask:
$6,853,750

Avg.$/sq.ft.:
$2,212/sq.ft.

Avg.Size:
3,099 sq.ft.
8
Condops * 0 0 0 0 Avg.Ask:


Avg.$/sq.ft.:


Avg.Size:
0
Townhouses 0 0 1 1 Avg.Ask:
$7,697,500

Avg.$/sq.ft.:
$1,351/sq.ft..

Avg.Size:
5,699 sq.ft.
2
TOTALS 2 3 3 4 12
Total Weekly Asking Price Sales Volume: $83,214,999
Average Asking Price: $6,934,583
Median Asking Price: $6,795,000
Average Discount from Original Ask to Last Asking Price: 16%
Average Days on Market: 714
*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 10 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

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Donna Olshan and Olshan Realty
All Rights Reserved




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