Luxury contracts fall again as Manhattan residents leave for the summer

Just four properties above $4M went into contract last week

New York /
Jul.July 20, 2020 03:00 PM
53 West 53rd Street and 520 West 28th Street (53W53, Zaha Hadid Architects)

53 West 53rd Street and 520 West 28th Street (53W53, Zaha Hadid Architects)

New Yorkers — or at least those still in the city — are embracing summer.

As the weather warms, mask-clad residents are venturing out to parks and outdoor restaurants — or even setting up paddling pools on the side of the road.

But that enthusiasm has not made its way to the condo market, which is still limping along after a volatile few months marred by slow sales and the occasional rush of activity.

Last week, just four properties above $4 million went into contract in Manhattan — down from 12 the prior week, according to the latest market report from Olshan Realty.

“It’s summer; everyone is away,” said Donna Olshan, author of the report, noting that the pandemic had upended an already struggling market. “It’s very sobering,” she added.

The pricest deal was for a four-bedroom unit at 520 West 28th Street, designed by Zaha Hadid. The developer, Related Companies, originally listed the 3,840-square-foot unit for $12.5 million in 2016. It went into contract asking $8.95 million.

Corcoran Group brokers Julie Pham and Steve Gold represented the sponsor. They declined to provide any details about the buyer but Pham told Olshan that the building had attractive amenities.

“I think people finally are also appreciating Hadid’s style,” she said.

The second most expensive deal was for unit 24A at 53 West 53rd Street, a building designed by Pritzker Prize-winning architect Jean Nouvel.

The 3,131 square-foot unit features two bedrooms, two-and-a-half bathrooms and city views. It was listed off floorplans in 2016 for $9.5 million.

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


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