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

33 Contracts Signed

Was it a 5-year record or an all-time record? It’s impossible to say, but here’s what I know for certain: 33 contracts were signed last week on properties at $4 million and above, the highest total since 2007 when we started keeping track of luxury sales. Breaking down the numbers, 14 properties were sold at asking prices north of $10 million and 3 at $20 million and above, contributing to the week’s total volume of $333,975,000. You read that right! The biggest contributor to that spectacular sum was 18 Gramercy Park, which had 6 sales—all above $14.5 million. This is a 16-unit condominium, developed by Zeckendorf Realty, which recently reported the most expensive apartment sold downtown --a $42 million penthouse (sold to Houston Rockets owner Leslie Alexander, according to various news reports). The wow factors: Gramercy address, large units, views, key to the private park, and a Robert A.M. Stern design.

The No. 1 contract was Apartment 5/6 at 950 Fifth Avenue, asking $27.5 million. This 12-room duplex co-op has 4 bedrooms, 5.5 baths, 2 wood burning fireplaces, and a maid’s room. The living room and master bedroom face Fifth Avenue. The monthly maintenance is $16,856.

The No.2 contract was a townhouse at 116 East 70th Street, asking $22.5 million, reduced from $26 million when it went on the market two years ago. It’s a beautiful 20-foot-wide house distinguished by a copper bow front and is next door to Woody Allen’s residence. The house has 6,660 square feet, consisting of 5 bedrooms, an elevator, garden, and 2 terraces. The house was originally purchased in 2003 for $6,878,950 and then renovated.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
October 15-21, 2012