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]

 

Related Articles

arrow_forward_ios
700 Meadow Lane
Serious buyers only: The 10 priciest new Hamptons listings
Serious buyers only: The 10 priciest new Hamptons listings
Eleanor Roosevelt and her former 74th Street house. (Compass, Getty)
Eleanor Roosevelt townhouse back on market at $16M
Eleanor Roosevelt townhouse back on market at $16M
One57's unit 51B (left) and unit 32C with Extell’s Gary Barnett (One57 photos via StreetEasy)
One57 resident pays $5.2M to swap 2-bed for duplex
One57 resident pays $5.2M to swap 2-bed for duplex
A unit at The Benson was the most expensive deal in Manhattan last week. (The Benson)
Manhattan luxury market sees another strong week with 36 deals
Manhattan luxury market sees another strong week with 36 deals
A two floor unit in The Benson on Madison Ave was the priciest home to go into contract last week. (The Benson)
Best week since 2019 for Manhattan luxury market
Best week since 2019 for Manhattan luxury market
70 Vestry Street and 1010 Park Avenue (Google Maps, iStock)
Tribeca condo with bumped-up asking price tops Manhattan contracts
Tribeca condo with bumped-up asking price tops Manhattan contracts
37 East 12th Street and 262 Central Park West (Google Maps, iStock)
Luxury report: Patience pays off for buyer of $20M penthouse
Luxury report: Patience pays off for buyer of $20M penthouse
The contract for the 53rd-floor unit was one of 16 signed last week for Manhattan properties asking above $4 million. (111w57)
Condo at 111 West 57th Street tops Manhattan luxury contracts
Condo at 111 West 57th Street tops Manhattan luxury 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...