Fair Housing Notice

LUXURY MARKET REPORT 2021
Report on Contracts Signed
Manhattan Residential Properties $4 Million and Above
September 6-12, 2021

27 Contracts Signed

Twenty-seven contracts were signed last week at $4 million and above. Condos outsold co-ops, 18-5, and 4 townhouses were in the mix.

Stat Geek Alert: Despite a week that included Labor Day and the Jewish New Year holiday, the luxury market topped the 2018 Labor Day-week record of 20 contracts signed.

The No. 1 contract was PHW at 601 Washington Street, asking $32.274 million. A quadruplex with 7,172 square feet, the condo has 6 bedrooms, 2 great rooms, and 2 powder rooms, plus 2 landscaped terraces and a balcony that total 1,619 square feet. The lower level has 4 bedrooms and a great room, and the middle floor has a large kitchen and great room wrapped by a terrace. Upstairs is the master suite, and the top floor houses another living room, bedroom, and terrace. The 4 floors are serviced by a private elevator.

Amenities in this new 9-story, 10-unit condo building, designed by BKSK Architects, include a concierge, fitness room, rooftop terrace, and storage. The developer was represented by Brett Miles and Kurt Rundhaug of Compass. The buyers are a Tribeca family who had been looking for several years, according to their broker, Victoria Reichelt of The Corcoran Group. Reichelt said, “We saw it last year when it was under construction. We went back in March, and again in the last week of August when it was staged---and then they bought it.”

The No. 2 contract was a townhouse at 34 East 62nd Street, asking 19.75 million, reduced from $32.5 million when it started marketing in December 2017, as it cycled through 2 brokerage firms. The house is brand new, built with a French limestone façade and a mansard roof; it is constructed of steel and concrete, providing high quality infrastructure and mechanicals. It was left in “white box” condition, missing a kitchen and bathrooms.

The original house was destroyed in a gas explosion in 2006. The owner, a doctor, blew up the home and himself after years of battling a divorce in the courts, which ruled that the house had to be sold with a majority of the proceeds awarded to the wife.

In 2007, the now-vacant lot was sold for $8.35 million and then resold in 2015 for $11.95 million. The new owners developed the property into a 6-story, 9,200- square-foot limestone house and employed renowned architect Henry Jessup and general contractor Steve Marx. It was staged by Ash Staging including kitchen cabinetry and bathroom fixtures that were installed but not hooked up. “Staging was one of the key elements,” said Roger Erickson of Douglas Elliman, who represented the seller. “If the space is not readable, you cannot emotionally connect to the property. But what sold it was Henry Jessup and Steve Marx delivering the highest quality construction and design. The build-out was like no one has ever seen.” Adam Modlin of Modlin Real Estate represented the buyer who is from the United States.

The original house, according to The New York Times, was once used by American spies over half a century ago. It has such a storied history that the critically acclaimed magazine writer and bestselling author Gay Talese is currently at work on a book about the house.

By the way, this is the 600th straight week that the Olshan Report has been delivered to its subscriber base. I’d like to thank Emily Chen, the chief of research and private wealth services, and my husband, Peter Bonventre, who has edited this report from the beginning.



. EAST SIDE WEST SIDE MIDTOWN DOWNTOWN Asking $/sq.ft. Totals
Co-ops 1 2 0 2 Avg.Ask:
$6,534,000
5
Condos 4 3 1 10 Avg.Ask:
$7,689,889
Avg.$/sq.ft.:
$2,746/sq.ft.
Avg.Size:
2,800 sq.ft.
18
Condop* 0 0 0 0 Avg.Ask:

Avg.$/sq.ft.:

Avg.Size:
0
Townhouses 1 0 0 3 Avg.Ask:
$9,975,000
Avg.$/sq.ft.:
$2,227/sq.ft.
Avg.Size:
4,479 sq.ft.
4
TOTALS 6 5 1 15 . 27


*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 23 CONTRACTS SIGNED ON APARTMENTS

CLICK HERE TO VIEW 4 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
September 6-12, 2021
Total Weekly Asking Price Sales Volume: $210,988,000

Average Asking Price: $7,814,370

Median Asking Price: $6,250,000

Average Discount from Original Ask to Last Asking Price: 9%

Average Days on Market: 549









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