Twenty-two contracts were signed last week at $4 million and above, the weakest start to May since 2011. But perhaps the most eye-popping stat of the week was found in…
…the No.1 contract, which was apartment 54AG at 25 Columbus Circle, asking $16 million, reduced from $50 million when it went on the market in October 2013. You read that right--the price was slashed by $34 million before it was teed up to go to contract. This Time Warner Center condo is a duplex with 3,582 square feet including 4 bedrooms, 4 bathrooms, and Central Park views. It was originally two units that were combined: 54G purchased for $2.75 million in 2004 and 54A purchased for $8.3 million in 2008. Condo amenities include a fitness center, landscaped terrace, meeting room with Central Park views, and access to the Mandarin Oriental Hotel’s pool and spa.
The No. 2 contract was 45West at 56 Leonard Street, asking $15 million. It was resold after closing for $11,401,305 on March 24. The unit has 3,576 square feet with 4 bedrooms, 4.5 bathrooms, and 2 terraces totaling 1,022 square feet that flank a 52-foot great room. 56 Leonard, designed like a glass obelisk by Pritzker Prize-winning architects Herzog & de Meuron, was an immediate hit when it started selling in the spring of 2013 off of floorplans. The 60-story condo has 145 units, and amenities include a fitness room, 75-foot Infinity-edge lap pool, landscaped sundeck with a hot tub, children’s playroom, conference center, and catering kitchen.
HIGH LIFE: Three penthouses went to contract last week—2 uptown and 1 downtown. The most expensive of the trio was PHW at 17 East 89th Street, asking $11.75 million. It was in excellent condition and sold immediately. The co-op has 3 bedrooms, 3 bathrooms, and a library, plus a wraparound, landscaped terrace with views of Central Park and the reservoir.
East | West | Midtown | Downtown | Asking $/sq.ft. | Totals | |
---|---|---|---|---|---|---|
Co-ops | 3 | 0 | 1 | 1 | Avg.Ask: $8,009,000 |
5 |
Condos | 1 | 0 | 2 | 10 | Avg.Ask: $7,332,615 Avg.$/sq.ft.: $2,393/sq.ft. Avg.Size: 3,064 sq.ft. |
13 |
Condops * | 1 | 0 | 0 | 0 | Avg.Ask: $4,995,000 Avg.$/sq.ft.: $2,498/sq.ft. Avg.Size: 2,000 sq.ft. |
1 |
Townhouses | 2 | 1 | 0 | 0 | Avg.Ask: $6,966,667 Avg.$/sq.ft.: $1,706/sq.ft.. Avg.Size: 4,084 sq.ft. |
3 |
TOTALS | 7 | 1 | 3 | 11 | 22 |
CLICK HERE TO VIEW 19 CONTRACTS SIGNED ON APARTMENTS
CLICK HERE TO VIEW 3 CONTRACTS SIGNED ON TOWNHOUSES
Donna Olshan President dso@olshan.com |
Emily Chen Private Wealth Real Estate Services Chief of Research ecc@olshan.com |