The Daily Dirt: Luxury market sees recession-level week

An analysis of New York's top real estate news

TRD New York /
May.May 04, 2020 07:00 PM

Eeek. Only one contract was signed last week for a Manhattan home asking at least $4 million.

The contract was for a 61st-floor unit at the Metropolitan Tower on West 57th Street priced at $9.25 million, according to Olshan Realty’s latest luxury report.

The last time only one contract made the report was 2009, Sylvia Varnham O’Regan reports.

“It doesn’t look like I’m reporting on a market, or even a series of one-offs” said Donna Olshan, head of Olshan Realty and author of the report. “It looks more like a lottery winner.”

Since the state issued a stay-at-home order for non-essential workers, just 14 luxury contracts have been signed in Manhattan for a total value (based on asking price) of $111 million. That’s compared with 135 contracts signed in the same time period last year for more than $1 billion.

Real estate businesses — including brokerages — are considered essential, but in-person transactions and showings have been restricted.

Speaking of which, Gov. Andrew Cuomo provided additional details on when the stay-at-home order will be lifted.

The governor announced that — following construction and manufacturing — real estate, retail, finance, insurance, administrative support and professional services will be among the second set of businesses allowed to reopen as the state unwinds his “New York On Pause” order.

The governor’s order is set to expire May 15, at which time only areas of the state that meet certain criteria — laid out by the Centers for Disease Control and Prevention — will be able to start reopening. Cuomo listed seven different requirements regions must meet, including a 14-day decline in hospitalizations, or fewer than 15 hospitalizations per day; and a 14-day drop in coronavirus-related hospital deaths, or fewer than five deaths per day. As of Monday, New York City only met three of the seven metrics, including the decline in hospitalizations and virus-related deaths.

“This state has different regions that are in much different situations than other regions of the state,” Cuomo said. “If upstate has to wait for downstate to be ready, they are going to be waiting a long time.”

What we’re thinking about: More than 1,000-plus landlords and their sympathizers have signed a petition threatening to withhold property tax payments. What do you think? Send a note to kathryn@therealdeal.com.

CLOSING TIME

Residential: The priciest residential closing recorded Monday was for a townhouse at 139 West 78th Street on the Upper West Side, at $7.6 million.

Commercial: The most expensive commercial closing of the day was for a 16-unit apartment building at 73 Monroe Street in Two Bridges, at $7.9 million.

BREAKING GROUND

The largest new building filing of the day was for a 44,769-square-foot residential building at 650 DeKalb Avenue in Bedford-Stuyvesant. The city’s Department of Housing Preservation and Development filed the permit application.

NEW TO THE MARKET

The priciest residential listing to hit the market was for a condo unit at 443 Greenwich Street in Tribeca, at $27.5 million. Douglas Elliman’s Tal Alexander has the listing. — Research by Kevin Sun

A thing we’ve learned…

Ty Warner, owner of the New York Four Seasons but better known to the world as the Beanie Baby mogul, was behind the hotel’s decision to offer rooms free of charge to health care workers, according to the New Yorker. Thank you to Rich Bockmann for sending this over.

Elsewhere in New York

— The city plans to hand out 7.5 million masks to New Yorkers, Politico New York reports. The coverings — 2.5 million cloth masks and 5 million made from paper — will be distributed at public housing complexes, parks, the Staten Island ferry and other public places. “Wherever you turn, you’re going to be offered a face covering,” Mayor Bill de Blasio said.

— The NYPD is reviewing video clips showing a violent social distancing-related arrest on the Lower East Side, NY1 reports. The officer involved has been placed on modified duty.

— New Jersey is following New York’s lead. Gov. Phil Murphy announced on Monday that the state’s schools will remain closed for the remainder of the academic year, NBC New York reports.


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