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Residential luxury market update

Luxury market | 10.9.20

  • An Upper East Side condo developed by Wonder Works Construction at 302 East 96th Street is facing UCC foreclosure. JLL has been retained by mezz lender Nahla Capital to shop the loan. Sales for the 48-unit project launched in 2017, and the latest filing shows that 40 units remain unsold. (TRD)
  • Luxury market report: Eleven contracts were signed last week (9/28 – 10/4) at $4 million and above, half of the previous week’s total. The most expensive deal was the 6th floor at 823 Park Avenue, which had an asking price of $9.95 million. The seller paid $11.7 million for the 4,184-square-foot unit in 2007. Year-to-date, 445 contracts have been signed in Manhattan at $4 million and above, down from 738 contracts in the same period in 2019. (OlshanReport)
  • Ron Perelman is shopping an adjacent pair of Upper East Side townhouses about a block and a half from Central Park for $75 million. The homes, which are connected via a doorway and a set of stairs, are being listed separately, but could also be sold as a pair. The larger of the two houses is asking $65 million. The roughly 40-foot-wide Upper East Side mansion is about 19,000 square feet. The smaller of the two properties, a nearly 7,000-square-foot house, is asking $10 million. (WSJ)

Other resi news

  • Invitation Homes, the country’s largest rental-home owner, disclosed a joint venture with Rockpoint Group that will result in more than $1 billion for the landlord’s ongoing house hunt. Invitation, which owns about 80,000 houses, has been buying at a clip of roughly $200 million a quarter. (WSJ)
  • Gary Keller is stepping down from his post as CEO of Keller Williams while the brokerage undergoes a broader corporate restructuring. Keller, who co-founded the national franchise firm in 1983 with Joe Williams, has been the CEO since 2019. At that point, Keller had been out of the C-suite for more than two decades, and was serving as chairman of the board of directors. President Josh Team will assume all his former duties and responsibilities. As of the end of Q2, Keller Williams had nearly 11,000 agents internationally. (TRD)

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