Even as the rate of coronavirus illnesses soar and states rush to impose closures and lockdowns, New Yorkers are sealing the deal on luxury apartments.
In the last week, 21 sale contracts for apartments worth at least $4 million were signed in the city, brokerage Olshan Realty Inc. reported. An average week in 2020 saw 19 apartments in the same price range sell.
Donna Olshan
The total amount of luxury real estate sold came at $128.5 million — down 41 percent from the week before in part because sellers have lowered asking prices somewhat in the face of economic uncertainty. The average sellers lowered apartment asking prices 13 percent from what they had originally listed.
“A combination of low interest rates and falling prices seems to have outweighed the fear and volatility,” brokerage president Donna Olshan wrote in the report.
There are clear signs that the high number of sales may not carry into this week. Along with lower overall prices, only one apartment over $10 million sold — an Upper East Side duplex condo listed at $14.5 million that the seller purchased for $15.4 million in 2016.
“This week could be a different story,” Olshan wrote.