CONTRACTS ON MANHATTAN LUXURY PROPERTIES RISES AS OF LAST WEEK

We’ve reported over the past few weeks that the Manhattan luxury home market had been in decline due to COVID-19. Now it’s looking like things are starting to stabilize. As of last week, 16 luxury Manhattan residences (costing $4 million+) entered into contract, according to a report from Olshan Realty.

The most expensive home that was bought last week was a 5 story townhouse costing $28.5 million, located on E 11th St. that particular listing was put on the market back in July. The previous owner bought the townhouse for $21 million back in 2017 and elevated the property’s value through a complete renovation.

Jeremy Stein, listing broker for Sotheby’s International Realty stated that the deal was part of a bidding war amongst 3 different parties. Stein did not reveal the name of the buyer. Stein said that the sellers took a “mediocre developer-spec house” and put $9 million into it.

The second most expensive property was an apartment on E 61st St and was listed at $15.45 million which was significantly decreased from the original asking price of $24.9 Million back in April of 2019. The apartment features 3 terraces. Brad Ingalls the listing broker of the apartment from Sotheby’s International Realty stated that the buyers are a family from Brooklyn that prior to buying the property they had viewed it roughly 3 times since the March lockdown.

The contracts included 3 co-ops, 3 townhouses and 9 condos. The average asking price was $6.085 million alongside an average discount of 15% between the initial and final asking prices. The average sell time was 565 days.