Best week since March for Manhattan luxury market

Flurry of contracts includes CNN president’s $17M co-op

New York /
Jul.July 27, 2020 03:45 PM
641 Fifth Avenue and 32 East 64th Street with Jeff Zucker (Google Maps; Getty)

641 Fifth Avenue and 32 East 64th Street with Jeff Zucker (Google Maps; Getty)

In a city that feels somewhat abandoned, the luxury home market has provided signs of life.

Last week in Manhattan, 15 properties asking $4 million or more went into contract — the most since mid March.

“We had a good week,” said Donna Olshan, who documents the deals in a weekly report. “And not only that, the properties were diverse: different locations, different types of properties.”

“But,” she added, “when you really drill down into it you see very big discounts.”

One of the biggest deals was a five-bedroom unit at 641 Fifth Avenue, which was listed in 2016 for $33 million and went into contract asking $17 million.

The 7,750-square-foot duplex features a 41-foot living room, a 34-foot library and views of Central Park. Once rented at $65,000 per month, it had recently been going for $48,000 per month.

John Barbato of Compass, the listing broker, told Olshan the sellers and buyers were both international. He negotiations started on March 19, only a few days before the state shut down, and the buyers got a “good deal.”

“The juiciest part was the buyer never saw the unit,” he added.

Perhaps the most expensive deal last week was unit 3W at 32 East 64th Street, which went into contract asking $17.5 million.

The five-bedroom co-op was sold by Jeff Zucker, chairman of Warner Media News and Sports and president of CNN Worldwide, who separated from his wife in 2018 and has since divorced. He had listed the unit in February, 13 years after he and then-wife Caryn Nathanson bought it for $12.3 million.

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


Related Articles

arrow_forward_ios
Quarters CEO Rui Barros (Linkedin)

Quarters, the “WeWork of co-living,” files for bankruptcy

Quarters, the “WeWork of co-living,” files for bankruptcy
Joan Collins and 110 East 57th Street #8EFG (Getty, BHS)

Soap star Joan Collins lists longtime Midtown pied-à-terre

Soap star Joan Collins lists longtime Midtown pied-à-terre
Tommy Hilfiger and his recently sold estate in Greenwich, CT. (Getty, Janet Milligan)

Tommy Hilfiger’s Greenwich estate sells for $45M

Tommy Hilfiger’s Greenwich estate sells for $45M
Jenna Ryan was part of a group who flew on a private plane from Denton, TX, to Washington, D.C., with the intention of joining the protestors (Twitter.com/DotJenna)

Texas Realtor faces criminal charges for role in Capitol attack

Texas Realtor faces criminal charges for role in Capitol attack
Porch CEO Matt Ehrlichman (iStock)

Porch snaps up four startups for over $122M

Porch snaps up four startups for over $122M
Nir Meir Asks Court to Stop Eviction (Google Maps)

Nir Meir seeks to throw out Hamptons ejection suit

Nir Meir seeks to throw out Hamptons ejection suit
Robert Frank with 1021 Park Avenue and Ben Lambert with 28 Laight Street (Getty, Google Maps)

Who’s buying and selling Manhattan homes? Last month’s notable deals

Who’s buying and selling Manhattan homes? Last month’s notable deals
New Yorkers signed leases in record numbers last month. (Getty)

Manhattan, Brooklyn rental leasing hit 12-year high in December

Manhattan, Brooklyn rental leasing hit 12-year high in December
arrow_forward_ios

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

Loading...