Twenty-six contracts were signed last week at $4 million and above, the first time the luxury market reached the 20+ sales benchmark since the end of December. Why this spike in signed contracts? One theory: a perfect storm of a year-to-date stock market surge, stubbornly low interest rates, and sellers continuing to cut prices.

Are we experiencing a one-week wonder or the start of a Spring-season rebound? Stay tuned.

The No.1 contract was PHE at 11 East 68th Street, asking $36 million. This prewar triplex condo has 7,058 square feet including 6 bedrooms, 7 bathrooms, 4 fireplaces, and 4 terraces that total approximately 2,900 square feet. The unit was purchased as a white box in 2016 for $37,443,583 by Hirschfeld Properties/Elie Hirschfeld and then renovated.

The No. 2 contract was a townhouse at 11 East 82nd Street, asking $29.5 million, reduced ...

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