Deep discounts for “bottom fishers”: How 3 deals show the state of Manhattan’s buyer’s market

New York /
Dec.December 21, 2020 07:00 AM
Clockwise from left: 48 West 10th Street with Peter Fenton and Kate Greer, 3 Collister Street with Michael Davies and Extell's Gary Barnett with One57 (Photos via Getty; Google Maps; One57)

Clockwise from left: 48 West 10th Street with Peter Fenton and Kate Greer, 3 Collister Street with Michael Davies and Extell’s Gary Barnett with One57 (Photos via Getty; Google Maps; One57)

Three high-priced deals that closed within two days this month offer a glimpse into the buyer’s market Manhattan has become in 2020.

Two of the properties — a condo at Extell Development’s One57, and TV producer Michael Davies’ Tribeca home — sold at deep discounts, to the tune of 32 and 25 percent.

A spokesperson for Extell summed it up when reached for comment: “Almost all Covid-era transactions have been at exceptional prices for the buyer. The bottom-fishers think we have hit bottom and it’s time to buy.”

The condo at One57 on Billionaires’ Row has been on and off the market for years with an asking price of $27.1 million. A Delaware-based limited liability company, Villa Borghese, agreed to buy the three-bedroom apartment in June at a 32 percent discount. The unit closed for $18.4 million in early December.

Extell’s spokesperson admitted “that pricing was set in a different world,” but noted that since news of the Covid-19 vaccine was announced, buyers have been out in force — and the developer says it’s willing to meet them where they are.

Davies, known best for bringing the game show “Who Wants to be a Millionaire?” to American audiences, apparently agrees. The British producer listed his five-bedroom home for just under $15 million in September 2019. After more than a year on the market, it went into contract this October for $11.4 million, or 25 percent less than its original ask.

But considering Davies bought the 6,670-square-foot home for $8.3 million in 2005, he’s still walking away from the deal in the black. He did not respond to requests for comment.

The more than 6,000-square-foot unit was marketed using an alternative address, 3 Collister Street, by Douglas Elliman’s Tamer Howard, Raphael De Niro and Maggie Leigh Marshall. Billy Rose and Natasha Barrett of The Agency also provided marketing for the property on the West Coast. Howard, the lead broker on the deal, declined to comment.

In a third deal, the buyers — venture capitalist Peter Fenton and his girlfriend, popcorn entrepreneur Kate Greer — didn’t get a discount, but the seller, Orda Management, didn’t turn a huge profit, either.

The Silicon Valley-based couple bought a five-bedroom Greenwich Village townhouse through a joint trust for $11.5 million. The seller, an entity linked to developer Orda Management, bought the house in 2017 for $10.5 million.

The 4,400-square-foot home spans five floors with three outdoor terraces and a private backyard, plus a wood-burning fireplace. The couple closed the off-market-deal within a month of signing the contract in mid-November. They did not respond to requests for comment.

Listing agents Meris, Kenny and Sydney Blumstein declined to comment.





    Related Articles

    arrow_forward_ios
    From left: Milos Raonic, Venus Williams, Serena Williams and Novak Djokovic (Credit: Getty Images)
    Luxury real estate anyone? US Open stars and their palatial pads
    Luxury real estate anyone? US Open stars and their palatial pads
    Lena Dunham and 60 Broadway (Credit: Getty Images)
    Lena Dunham’s “massive real estate mistake”
    Lena Dunham’s “massive real estate mistake”
    All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
    All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
    All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
    Bryan Cranston and his California beach house (Getty, Realtor)
    “Breaking” news: Bryan Cranston lists eco-friendly SoCal beach pad
    “Breaking” news: Bryan Cranston lists eco-friendly SoCal beach pad
    RE/MAX CEO Adam Contos (Facebook)
    RE/MAX revenue ticks up in Q4 but profit sinks
    RE/MAX revenue ticks up in Q4 but profit sinks
    Lily Collins and her Beverly Hills home (Getty, Nicholas Property Group)
    “Emily in Paris” star Lily Collins finds buyer for Beverly Hills home
    “Emily in Paris” star Lily Collins finds buyer for Beverly Hills home
    (iStock/Illustration by Kevin Rebong for The Real Deal)
    State will use undercover testers to combat housing discrimination
    State will use undercover testers to combat housing discrimination
    Zillow COO Jeremy Wacksman (Zillow, iStock)
    Zillow using Zestimate to streamline cash offers for some homes
    Zillow using Zestimate to streamline cash offers for some homes
    arrow_forward_ios

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

    Loading...