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

18 Contracts Signed

Eighteen contracts were signed last week, the sixth week in a row that the market has returned at least 15 or more contracts signed at $4 million and above. The luxury landscape looks very solid, though there is the potential for upward pressure on prices because inventory seems to be thinning. The main reason: a paucity of new construction since the financial crisis of 2008. Moreover, according to www.urbandigs.com, inventory through the entire market (including the luxury sector) is down 7% from a year ago.

The No. 1 contract last week was apartment 21C at 145 Central Park West, asking $13,500,000, with a monthly maintenance of $7,826. This 3 bedroom, 3 bathroom unit occupies the entire 21st floor of the south tower of the San Remo, a co-op building famous for celebrity owners and large units. The apartment went on the market in August 2011, and had a contract signed at the end of October. But then, after a co-op board approval, the buyers decided that the apartment was too small and dropped their deposit. The apartment went back on the market in January and sold last week. The unit, originally purchased in 1994 for $2.1 million, has spectacular east views of Central Park, and north, south, and west views over the city.

The No. 2 contract was a townhouse at 223 West 11th Street, asking $11,595,000. This 20.5-foot-wide house has approximately 4,260 square feet, and started on the market in September. It has 11 rooms, 5 bedrooms, 3.5 bathrooms, and a landscaped garden. It was renovated after being purchased in November 2008 for $4.25 million, returning a tidy profit for its owner.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
March 5-11, 2012