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

43 Contracts Signed

The Manhattan luxury market at $4 million and above finished the first quarter with a 13% decline in the number of contracts signed over the same period last year. The flip side is that the average asking price increased by 9%. Why? Inventory in all categories is at a record all-time low. Last year at this time, there was considerably more inventory including 2 new large condo buildings at 150 Charles Street and 56 Leonard with a combined total of 236 units that sold out quickly. The landscape now is experiencing a flurry of new boutique buildings currently under construction, the majority of which offer less than 10 units. As for new high-rise buildings, many of which are in the planning stages, they seem to be heavily concentrated in the midtown corridor.

Of the 43 contracts signed last week, the No. 1 slot went to 21B at 10 Madison Square West, asking $15.5 million. This 4-bedroom, 4.5-bathroom unit has 3,238 square feet, and is perched on the southeast corner of this new condo. A 42 x 24-foot living room opens to a terrace that features sweeping views of Madison Square Park. 10 Madison Square West has the same developer (Witkoff) who built 150 Charles, and the building has been a hit: Only 8 of 125 units are left, with prices ranging from $4.9 to $37 million. The building has a concierge, fitness center, a 60-foot pool, and a children’s playroom.

The No. 2 contract was 20DEF at 200 Central Park South, asking $14,975,000. This 4-bedroom, 4.5-bathroom co-op has 57-feet of frontage on Central Park, and features a large balcony. The unit has an eat-in kitchen and a gym, and is in very good condition.

Contracts Signed $4 million and Above
January 1-March 30, 2014