Manhattan luxury contracts slow as city reopens

A unit at Extell’s One57 went into contract for $27M, but full effect of reopening may not be clear for weeks

New York /
Jul.July 07, 2020 04:35 PM
443 Greenwich Street and 157 West 57th Street (Wikipedia Commons, StreetEasy)

443 Greenwich Street and 157 West 57th Street (Wikipedia Commons, StreetEasy)

Eight luxury properties went into contract in Manhattan last week, as brokers resumed in-person showings and the city adjusted to phase two of reopening.

The number of contracts was just one more than the week before, and one less than the same period last year, according to the latest market report from Olshan Realty.

Donna Olshan, who authors the report, said many of the deals had been in the works for weeks, meaning the impact of reopening on the market was unclear.

“We won’t in reality see the results of being in phase two and going back to showing…until maybe August,” she said. On Monday, the city entered phase 3.

There were other factors, too. “A lot of the rich people just aren’t here,” Olshan said. “They can’t travel here.”

The priciest deal last week was for a 3,013- square-foot unit at 443 Greenwich Street, which went into contract asking $11.4 million, down from $12.9 million when it was listed in 2018.

The second most expensive deal was for a sponsor unit at Extell Development’s 157 West 57th Street, which went into contract asking $10.95 million. The 2,416-square-foot unit features 3 bedrooms, 3.5 bathrooms and views of Central Park.

The most expensive deal last week was also at Extell’s One57 building. That unit, spanning 4,193 square feet and with three bedrooms, went into contract asking $27 million.

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

 

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