September 22-28, 2014

Report on Contracts Signed
NYC Residential Properties
$4 Million and Above

30 Contracts Signed

Thirty contracts were signed at $4 million and above last week, closing out a record September as well as a record third quarter since we started keeping track in 2007. Sales were up 19% over the 3rd quarter last year, mostly due to one building: 30 Park Place. This is the new Four Seasons Hotel condominium, designed by Robert A.M. Stern, that has racked up 41 contracts at $4 million and above since July 1, averaging $3,019/square foot. The winning formula in new construction seems to be buildings designed with high-end finishes by a prominent architect with prices that hover around $3,000/sq.ft.

The No. 1 sale of the week was PHC at 151 East 78th Street, asking $27.5 million for a 6,924-square-foot duplex that includes 6 bedrooms, 7.5 bathrooms, and a 31-foot terrace. This unit is in a new 16-story condo building designed by the renowned classical architect Peter Pennoyer. Sales started in March, and within 6 weeks the building had sold over half of its 14 units with prices starting at $10,000,000 for 3,966 square feet. Full-floor units averaged $2,799/square foot. Two penthouses remain for sale.

The No. 2 contract was a 25-foot-wide limestone townhouse at 39 East 67th Street, asking $22.5 million, and it sold almost immediately after listing. This house was built in 1904, and has 9,444 square feet divided into a ground-floor duplex doctor’s office with 4 apartments above it. The house has a glass conservatory on top.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
September 22-28, 2014


Email Olshan Olshan on Twitter Olshan on Facebook