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Two units sell at Steinway Tower

The coronavirus lockdown has frozen Manhattan’s luxury real-estate market, with the volume of deals slowing to a trickle over the past three months. Roughly 34 contracts at $4 million or above have been signed in Manhattan since March 23, a steep drop from 230 during the same period last year.

  • Some good news at the Steinway TowerJDS Development and PMG have entered a contract to sell two units that were each asking roughly $30 million at 111 West 57th Street, according to the Wall Street Journal.
  • Heard on the StreetMichael Stern: “Any developer who says their pricing is absolutely firm is not being serious… It’s the best time to be a buyer, because everyone is willing to listen to a reasonable offer at a fair discount.” [WSJ]

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