Manhattan sees highest number of luxury contracts signed since early March

Activity bubbling in Manhattan after months of poor sales

TRD New York /
Sep.September 28, 2020 01:00 PM
565 Broome Street and 35 North Moore Street (Photos via 565BroomeSoHo and Google Maps)

565 Broome Street and 35 North Moore Street (Photos via 565BroomeSoHo and Google Maps)

Manhattan’s luxury market has seen a lot of grim milestones in the past six months: deals at one point fell to the lowest levels since 2009; hoards of wealthy residents decamped to the suburbs; and ambitious asking prices were chopped in half.

But now, as activity and interest slowly returns, the market has recorded a milestone it can celebrate: The number of contracts signed last week for properties whose asking price is over $4 million — 21 — was the highest recorded since early March. It was also three more than the same time period last year.

Donna Olshan, who documents luxury deals in a weekly market report, said that while the total was strong, it remains difficult to stitch together a narrative about the state of the market because the pandemic has thrown deal volume, data and seasonal buying patterns out of whack.

“All we can do is enjoy the week and hope that it’s a trend and not a one-week wonder,” she said

The most expensive contract signed last week was for a duplex penthouse at 565 Broome Street, last asking $30 million. The 4,430-square-foot home has four bedrooms, four bathrooms and a 20-foot heated pool.

Listing broker Andrew Anderson, of Douglas Elliman’s Anderson-Ehrmann team, told Olshan the buyer viewed the property only once.

“I was working on another deal for this apartment for a month and a half, and then a new buyer came in,” he said. “It took a couple of weeks to negotiate with the new buyer but it was all pretty smooth.”

The second largest deal was a duplex penthouse at 35 North Moore Street, owned by retired Brooklyn Nets star Deron Williams. The 7,200-square-foot property has been on and off the market for years; Williams bought it for $15.8 million in 2013, and originally listed for $33.5 million in 2015. It went into contract with a final asking price of $20 million.

Douglas Elliman broker Andrew Azoulay, who represented Williams, told Olshan the buyers were a family.

“They got two parking spots, which they really wanted,” he said. “They also bought what everyone is looking for — big space and big outdoor space.”





    Related Articles

    arrow_forward_ios
    Red Apple Group’s John Catsimatidis and Muss Development’s Jason Muss (Getty; iStock)

    Four Brooklyn landlords accused of illegally inflating rents

    Four Brooklyn landlords accused of illegally inflating rents
    A study found that NYC renters lose $178M per year due to long-term rentals being reallocated to the short-term market (Getty; Pixabay)

    Airbnb costs New York City renters $178M a year: study

    Airbnb costs New York City renters $178M a year: study
    111 West 57th (Photo via FDNY Twitter)

    Spinning crane at 111 West 57th Street casts debris on street

    Spinning crane at 111 West 57th Street casts debris on street
    Caliber Home Loans CEO Sanjiv Das and AmeriHome CEO Jim Furash (Photos via Caliber Home Loans; AmeriHome; iStock)

    Two mortgage companies delay IPOs amid market volatility

    Two mortgage companies delay IPOs amid market volatility
    Denizen Bushwick at 54 Noll Street (Photos via Denizen Bushwick)

    All Year nears $650M financing for Bushwick luxury rentals

    All Year nears $650M financing for Bushwick luxury rentals
    The decline in contract activity may signal a drop in sales in the coming months (iStock)

    Pending homes sales dipped in September

    Pending homes sales dipped in September
    (Getty, iStock)

    Refinancings drove up home mortgage apps last week

    Refinancings drove up home mortgage apps last week
    40 East 72nd Street and Spiros and Antonia Milonas  (Getty; Google Maps)

    Under water: Shipping magnate’s troubled UES condo is bankrupt

    Under water: Shipping magnate’s troubled UES condo is bankrupt
    arrow_forward_ios

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

    Loading...