LUXURY MARKET REPORT
August 11-17, 2014

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

15 Contracts Signed

The summer of ’14 has had several record-breaking weeks, but last week wasn’t one of them. Only 15 contracts were signed at $4 million and above, and of those, only 1 was a co-op—but it ended up being one of the top 2 sales of the week.

The No.1 contract: was 350 East 88th Street, asking $18 million, reduced from $20 million when it went on the market almost a year ago. Owned by the Children’s Aid Society, this 50-foot-wide, 4-story brownstone has 15,405 square feet, and is known as the Rhinelander Children’s Center. It currently serves as a nursery school that will close its doors by the end of the year. The building has 3 entrances, 2 terraces, and rooms with ceiling heights that range from 11 to 22 feet.

There was a tie for the No. 2 contract between 2 properties, each asking $15 million: 781 Fifth Avenue 1601/1604, a co-op in the Sherry Netherland Hotel, and Unit 47 West at 56 Leonard, a condo sold off of floorplans. The Sherry Netherland apartment needs to be renovated, and has the potential to feature 5 bedrooms and 7.5 baths. The monthly maintenance of $34,439 includes daily maid service. The unit at 56 Leonard Street has 3,576 square feet with 4 bedrooms and 4.5 bathrooms. The building, designed by Pritzker prize-winning architects Herzog & de Meuron, is a hot new downtown condo now under construction.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
August 11-17, 2014

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