The sparkle of Labor Day revelry fizzled out when it came to Manhattan’s luxury market this year, as the pandemic continues to wreak havoc on deals.
Just 10 contracts were signed last week for properties above $4 million, according to the latest market report from Olshan Realty. It was the same total as last year, and 10 fewer than in 2018.
“I think every week is a struggle,” said Donna Olshan, who tracks luxury sales for her weekly report. “Hats off to any of these brokers who can get deals done at a high level.”
The most expensive deal was for a duplex condo at 27 East 79th Street, asking $12.495 million. The home has five bedrooms, five and a half bathrooms and views of Manhattan’s skyline.
Pamela Johananoff of Corcoran represented both sides in the deal. She told Olshan the buyers were a foreign couple who knew the developer. They had never seen the apartment in person, but decided to buy it after three virtual tours over FaceTime.
“These people always wanted something in New York,” Johananoff told Olshan. “They have confidence in the real estate market and so they thought this was a good time to buy.”
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The second-priciest deal was unit 14A at the Beckford Tower at 301 East 80th Street. The 2,615-square-foot property was last asking $6.65 million, down from $6.9 million when it was listed last summer.
Barbara Russo of Douglas Elliman, who represented the developer, Icon Realty, said the buyers visited the property three times in February and a fourth time last week.
“They have been shopping around for a while, and they love the apartment,” she said. “We expect closings to begin in the first quarter of 2021.”
Manhattan’s luxury residential market is still reeling from the pandemic — particularly the ultra-luxury end — while other areas known for having more space and greenery, including Brooklyn and the Hamptons, have seen a flurry of interest in recent months.