Fair Housing Notice

LUXURY MARKET REPORT 2020
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
June 22-28, 2020

7 Contracts Signed

Seven contracts were signed last week at $4 million and above, down from 12 contracts in the previous week. Phase 2 of New York City’s reopening started a week ago, when brokers were finally allowed to show properties, though with limitations as dictated by New York State’s Covid-19 protocols. As a result, it is unlikely we will see more robust results for at least another month.

The No. 1 contract was 59B, asking $27.1 million. The condo has 4,193 square feet including 3 bedrooms and 3.5 bathrooms, plus 11-foot ceilings and breathtaking views of Central Park from the living room and master suite. The unit was sold by the sponsor, Extell, which opened sales in the building in 2012. Extell refused to comment on any of the details of the deal. The 90-story, 90-unit condo was built above the 5-star Park Hyatt Hotel, which has a separate entrance for its 210 rooms. Amenities include use of hotel services, fitness center, pool, private dining, a library lounge, performance space, and a garage.

The No. 2 contract was PH44A at 25 Park Row, asking $12.95 million. The condo has 3,580 square feet including 4 bedrooms and 4.5 bathrooms. A 29-foot living room, with windows on three sides, offers spectacular views and opens onto a 8’ x 20’ terrace. The master suite also has a 9’ x 12’ terrace. The building is 45 stories with 110 units, and was designed by CookFox. Amenities, designed by Studio Mellone, include a concierge, a fitness center, a 65-foot pool, playroom, lounge, library, and screening room. The building also has a garage.

The unit was sold by the sponsor, which was represented by Corcoran Sunshine. Chris Kann of Corcoran represented the buyers. Kann said the buyers are New Yorkers, saw the unit before Covid, and then started negotiating. Kann said, “The ceilings are higher on this floor than the rest of the building, and it’s probably one of the more attractive penthouses I’ve seen in a long time. Most of the rooms are on corners. The master is on a corner, and the living room has 3 corners. All the views are unobstructed, and City Hall Park below has been redone.”

This edition of the Olshan Luxury Report features a redesign and now provides graphs at the bottom of the report for further analysis of the market. The Olshan Report has been available to the public since 2010, and since then has published every week--or 528 consecutive reports without a break. I want to thank Emily Chen, our chief of research, and web designer Stella Anastasia of HairyLegs & Co.. I’d also like to give a shout-out to Peter Bonventre, my husband and editor, who has edited each and every report as well as my columns on Forbes.com. Incidentally, if you want a copy of my current and upcoming articles on Forbes.com, 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:
$6,250,000
1
Condos 0 2 1 2 Avg.Ask:
$11,884,000
Avg.$/sq.ft.:
$3,770/sq.ft.
Avg.Size:
3,152 sq.ft.
5
Condop* 0 0 0 0 Avg.Ask:
0
Townhouses Avg.Ask:
$10,000,000
Avg.$/sq.ft.:
$953/sq.ft.
Avg.Size:
10,490 sq.ft.
1
TOTALS 1 3 1 2 7


*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 6 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



Source: Olshan Realty




QUICK STATS

for the week of
June 22-28, 2020
Total Weekly Asking Price Sales Volume: $76,415,000

Average Asking Price: $10,810,000

Median Asking Price: $9,950,000

Average Discount from Original Ask to Last Asking Price: 1%

Average Days on Market: 908









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