Fifty-one contracts were signed last week at $4 million and above. And get this: The week’s total is roughly equivalent to all the deals inked at $4 million and above in the 13-week shutdown last year.
Stat Geek Alert I: 51 contracts extends a record-breaking luxury market streak of 30 or more deals to 10 weeks in a row, a streak not seen since we started recording the Olshan Report in 2006.
Stat Geek Alert II: What’s more, the week’s total volume of $454,829,989, is the largest since the end of December 2013. Downtown led the way with 41 out of the 51 signed contracts.
Stat Geek Alert III: 14 properties went to contract at $10 million and above, the largest total of trophy properties to be inked since the week of September 29-October 5, 2014.
The No. 1 contract was PH51/52 at 151 East 58th Street, asking $29.5 million, reduced from $115 million when it was listed in April 2013. The price drop
distorted the weekly average discount percentage. The duplex penthouse at Beacon Court Condominium cycled through at least 4 brokerage firms over 8 years. The apartment is owned by hedge fund titan and Mets’ owner Steven A. Cohen, who has been building a home in Greenwich Village.
The unit has 9,000 square feet including 5 bedrooms and 6.5 bathrooms with extraordinary views of Central Park, the East River, and the Hudson River.
Although it is a penthouse, it does not have a terrace. It does feature a 24-foot-high ceiling in the living room, a 2000-square-foot master suite, and an enormous eat-in kitchen. The unit was designed by the late great architect Charles Gwathmey.
The No. 2 contract was Duplex PH at 1228 Madison Avenue, asking $21.6 million. It has 6,566 square feet including 6 bedrooms and 6.5 bathrooms, plus a 184-square-foot terrace off the gallery. It has views of Central Park and the reservoir. 1228 Madison Avenue is a new co-op building with 15 units on 18 floors that is under construction and designed by architect Robert A.M. Stern; interiors are by Kelly Behun. It is a co-op with condo rules and has a 150-year land lease.
In Case You Missed This Note During the Passover-Easter Break: ---My husband, Peter Bonventre, who edits this report, has written a marvelous New York-centric novel called Where Have You Gone Without Me? which published on March 30. It’s got some great reviews so don’t miss it.
https://www.amazon.com/Where-Have-You-Gone-Without/dp/1684426200