For second week, Manhattan records just two luxury contracts

Market struggles as buyers retreat

New York /
Apr.April 07, 2020 09:30 AM
56 Leonard Street and 146 West 57th Street (Credit: Fruitpunchline via Wikipedia; Google Maps)

56 Leonard Street and 146 West 57th Street (Credit: Fruitpunchline via Wikipedia; Google Maps)

For the second week in a row, just two properties above $4 million went into contract last week in Manhattan.

It was a gloomy, if not somewhat expected result for the city’s brokers, who are feeling the effects of a tumbling economy. Two weeks earlier, there had been 14 contracts signed. The week before that, 21.

The most expensive deal last week was for a 5,252-square-foot penthouse at 56 Leonard Street, which went into contract asking $24.5 million — down from $29.5 million, — according to the latest market report from Olshan Realty.

Broker Elizabeth Unger of Corcoran Sunshine told the report’s author, Donna Olshan, that the property “was purchased by a local family in need of a large residence who fell in love with the building.” She declined to provide any more deals about the transaction.

Compass broker Alexander Glibbery was behind the second-priciest signing of the week — a 76th-floor unit at 146 the Metropolitan Tower on West 57th Street.

Glibbery told Olshan the deal was one of the toughest he’d ever navigated, requiring several weeks of negotiations and a $50,000 drop in price.

The Tokyo-based buyer, who was represented by Andy Kim of Nest Seekers International, saw the unit twice before the pandemic intensified. As things got worse, several bidders came forward and tried to get a discount, the report said. The final contract price was $4.3 million.

As deals in New York slow to a crawl, brokers have also had to contend with confusion about what rules apply to them. Last week, the state deemed certain real estate services “essential,” creating concern about whether brokers would be expected to resume in-person showings, which had been prohibited under the governor’s statewide stay-home order. The following day, however, the state clarified that showings could only be conducted virtually.

Write to Sylvia Varnham O’Regan at [email protected]


Related Articles

arrow_forward_ios
Rupert Murdoch with 23 East 22nd Street
Rupert Murdoch’s One Madison unit leads Manhattan luxury contracts
Rupert Murdoch’s One Madison unit leads Manhattan luxury contracts
From left: 182 East 64th Street and 520 West 28th Street (Getty Images, Brown Harris Stevens, Godsfriendchuck, CC BY-SA 4.0 - via Wikimedia Commons)
Manhattan luxury contracts hold steady in September
Manhattan luxury contracts hold steady in September
OKO Group’s Vlad Doronin and the Aman New York at the Crown Building (Getty Images, Aman New York, Google Maps/Aman New York)
TRD Pro: The most expensive Manhattan homes sold in August
TRD Pro: The most expensive Manhattan homes sold in August
35 Hudson Yards (35 Hudson Yards, Getty)
Manhattan luxury contracts ticked up as Dow plummeted
Manhattan luxury contracts ticked up as Dow plummeted
177 Ninth Avenue (The Corcoran Group)
Manhattan’s luxury market deals dip to 2022 low
Manhattan’s luxury market deals dip to 2022 low
Billie Holliday with 26 West 87th Street (Getty)
Former home of Billie Holiday hits market at $14M
Former home of Billie Holiday hits market at $14M
2 East 82nd Street (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Streeteasy)
Manhattan luxury market bounces back with 21 contracts
Manhattan luxury market bounces back with 21 contracts
100 Eleventh Avenue (Google Maps, Getty Images)
Heatstroke: Manhattan luxury market struggles to sign contracts
Heatstroke: Manhattan luxury market struggles to sign contracts
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...