The Dow Jones Industrial Average may have soared over 20,000, but while Wall Street was celebrating, luxury market observers were left scratching their heads. What happened to the so-called wealth effect? Only 13 contracts were signed last week in Manhattan at $4 million and above, the lowest total for a final week in January since 2010, when 7 contracts were signed.
The No. 1 contract was 37A at 432 Park Avenue, asking $17.75 million. This new condo unit has 4,003 square feet including 3 bedrooms and 4.5 bathrooms. It faces north, south and east with views over Park Avenue. The ceiling height is 12.5 feet, and the windows measure 10 x10 feet. Last year, 432 Park took the No.1 spot in this luxury report 7 times, averaging $6,904/square foot. Those closed sales averaged 12% below the asking price. 432 Park is a concrete-and-glass edifice designed by Rafael Vinoly that is 1,396 feet tall and can be seen from almost anywhere in the 5 boroughs. Amenities include a fitness center, a 75-foot swimming pool, private dining, parking, a garden, and a children’s playroom.
The No.2 contract was Duplex 3 at 155 East 79th Street, asking $12.8 million. This 4,292-square-foot duplex condo has 4 bedrooms and 4.5 bathrooms in a new building erected on a 35-foot-wide lot, and designed by BKSK architects with interiors by Pembroke & Ives. The unit is being sold after it closed in February 2016 for $11,200,750. The apartment features a 30-foot-wide living room, over 10-foot ceilings, and a balcony off the rear media room. Amenities include a doorman, fitness room, and storage facilities.
CLICK HERE TO VIEW 12 CONTRACTS SIGNED ON APARTMENTS
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