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

17 Contracts Signed

It was another strong week in the luxury market, underscoring the disconnect between high-priced Manhattan real estate, the global economy, and a stock market that has given up its gains for the year. Many of the largest contracts have been signed in the last 5 weeks, a period that has seen a significant stock market retreat. In that time, 107 contracts were signed at $4 million and above, totaling $943 million in sales, almost 1/3 out of the 355 contracts signed so far this year—for a year-to-date total of $3 billion.

The trends are clear: Condos are outselling co-ops almost 2-1, and Downtown is the most popular area. The strength of condo and townhouse sales to foreign buyers is giving credence to the view that Manhattan luxury property may be a haven for global diversification of assets.

The No.1 contract last week was the 16th floor at 995 Fifth Avenue, asking $30 million. This 14-room, 8,360 square foot apartment is the last remaining unit being sold by the developer Extell in the former site of the Stanhope Hotel that it converted to 26-units. This particular unit started on the market in 2006 at $35 million, was lowered to $27.5 million in 2010, and then increased to $30 million in April 2012. It has 7 bedrooms and 9.5 bathrooms with a 42-foot living room, formal dining room, and a sitting room that all face Central Park. The monthly maintenance is $37,403. The building is a rarity: a Fifth Avenue condop, which is a co-op with condo rules.

The No. 2 sale was Apartment 10A at 133 East 80th Street, asking $10,500,000 with a monthly maintenance of $10,692. This 10-room duplex co-op has 4 bedrooms, 5.5 baths, and 2 fireplaces. It went on the market at the end of February.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
Olshan Luxury Report May 28-June 3, 2012