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

63 Contracts Signed

Buckle your seat belts: 63 contracts were signed last week at $4 million and above. You read that right: 63! That’s the biggest number since we started keeping track in 2007—and easily beats the old record of 43, which was set the previous week (March 4-10). And here’s another eye-popping stat: Total volume came in at $541 million, also a new multi-year high. But wait, there’s more! Of the 63 contracts, 54 were condos (only 6 co-ops and 3 townhouses made the mix).

At first glance, it would appear that the dominance of condos signals a significant imbalance in the luxury market. But if you drill down into the numbers, you’ll find that the great majority (45 out 63) of last week’s contracts represent sales at just two new condo buildings: 150 Charles and 56 Leonard. In anticipation of an article published in yesterday’s New York Times, 150 Charles reported a month’s worth of contracts signed with 30 at $4 million and above. In contrast, 56 Leonard, which opened for sale a month ago, has been reporting contracts as they are signed. Last week, there were 15.

Both buildings are selling off of floorplans and will not be completed for another 2 to 3 years. They are polar opposites in design: 150 Charles is a 16-story, 91-unit mediation of brick, glass, and 33,000 square feet of lush landscaping, sitting on the Hudson River in Greenwich Village. 56 Leonard is a soaring 60-story, 145-unit glass-like sculpture in Tribeca offering skyline, city, and river views with a design by Pritzker Prize winning architects Herzog & de Meuron. Of the contracts at $4 million and above, 150 Charles averaged asking prices of $3,438 /square foot, while 56 Leonard averaged $2,816/square foot.

The No.1 contract of the week was PHA at 150 Charles Street, asking $34 million for a 4,533-square-foot triplex with 5 bedrooms, 5.5 baths, and 3 terraces totaling 2,521 square feet. The No.2 contract was Apartment 9A at 150 Charles, asking $30.5 million for a 5,840-square-foot duplex with 6 bedrooms, 6.5 bathrooms, and a 3,207-square-foot terrace.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
March 11-17, 2013