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

21 Contracts Signed

Twenty-one contracts were signed last week at $4 million and above, as condos outsold co-ops 15-2. The biggest sale of the week was a combination of 2 units at 36 Bleecker Street, a new 20-unit condo called the Schumacher that opened for sale in mid-June. Additionally, contracts were signed on 3 townhouses and 1 condop. Year-to-date, the gap between condo and co-op sales continues to widen, with condos outselling co-ops 3 to 1.

The No.1 contract, at 36 Bleecker, was sold off of floorplans, asking $20,695,000 for 8,719 square feet that translates to $2,374/square foot. The original units, called Mansion 2 and Mansion 3, were each designed as ground-floor 4-bedroom, 4-bathroom units with 2 powder rooms. It’s hard to say how the combination will eventually be configured. The buyer is supposedly a well-known contemporary art collector/dealer.

The Schumacher has 2- to 4-bedroom units that feature barrel-vaulted ceilings---up to 15-feet high--a remnant from the days when the building was a printing factory. Stillman Development has committed to installing very high-end finishes, including large windows, Siberian oak floors, and custom kitchens with huge slab marble countertops. The building is not scheduled to be completed until the end of 2014.

The No.2 contract last week was 114 East 70th street, asking $15 million. This is a a 20-foot- wide brownstone divided into a 7-unit co-op. The building has 6,150 square feet and is on one of the prettiest blocks in Manhattan.

Year-to-date, there have been 78 contracts signed on townhouses at $4 million and above with asking prices averaging $1,728/square foot, while 18 contracts have been signed on townhouses at $10 million and up with asking prices averaging $2,457/square foot. Most of the townhouses required renovation.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
July 8-14, 2013