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

17 Contracts Signed

I can’t say for certain if the luxury market in Manhattan is slipping into the dog days of summer, but only 17 contracts were signed last week, something like a 33% drop from what we’ve been seeing in the last few months. Yes, inventory is tight, but we will have to wait and see if it’s the season or the supply.

The No.1 contract was unit 47East at 56 Leonard Street, asking $12.25 million and sold off of floorplans—which marks the 4th time in the last 2 months that 56 Leonard has taken the top spot. This particular condo has 3,371 square feet with 4 bedrooms, 4.5 bathrooms, and city and river views. The unit has a 29- x 43-foot living room/great room and 3 balcony/terraces. 56 Leonard is a 60-story, 145-unit condo designed like a glass obelisk by Pritzker Prize-winning architects Herzog & de Meuron. The building, which is not expected to be completed until 2015, reports more than 85% sold, averaging $2,900/square foot.

The No. 2 contract was Apartment 56/57C at 25 Columbus Circle, asking $9.2 million. This Time Warner Center condo is a 2-bedroom, 2.5-bathroom duplex with 2,044 square feet that features Central Park views from the living room and the two bedrooms. The sale represents a hefty profit from 2004, when the unit was purchased for $4,334,633.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
July 29-August 4, 2013