The Manhattan luxury real estate market headed into February with a bang. Twenty-six contracts were signed last week at $4 million and above, the highest total since the week of December 4-10, when 30 contracts were signed. One big reason: the exploding stock market. One big warning: the exploding downturn that happened on Friday when the stock market dropped 666 points. What lies ahead? Stay tuned.
The No.1 contract was 11SN at 995 Fifth Avenue, asking $29.75 million. The 2 separate units were sold together and need to be combined; they span the entire 11th floor of the building with 69 feet overlooking Central Park and the Metropolitan Museum. 11S has 5,947 square feet including 5 bedrooms and 6.5 bathrooms. 11N has 2 bedrooms and 2.5 bathrooms with 2,596 square feet. The units are in the former Stanhope Hotel, which was converted into a condop in 2005. ( This condop is a co-op that leases its land and operates with condo rules.) Amenities include a doorman, concierge, and a fitness center. The monthly maintenance on the two units totals $38,791.
The No. 2 contract was PH55/56 at 23 East 22nd Street, asking $26.95 million, reduced from $37.5 million when it went on the market in September 2013. The duplex condo has 6,620 square feet with spectacular city views and was sold by the sponsor/developers as raw space. The building is known as One Madison. It is a slender, soaring, glass box condo that fell into foreclosure in 2010, and was purchased in 2011 by a partnership between HFZ Capital and Related. Amenities include a doorman, fitness center and pool.
