LUXURY MARKET REPORT
October 20-26, 2014

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

20 Contracts Signed

Twenty contracts were signed last week at $4 million and above, and so the trend remains intact: New Downtown condos continue to outsell the rest of the market. Last week’s total, for example, included only 2 co-ops and 1 townhouse with contracts signed.

The No.1 contract: was the Penthouse duplex at 21 East 26th Street, asking $22.5 million. According to The Daily News the buyer was pop star Jennifer Lopez. This 6,540-square-foot condo has 4 bedrooms, 2 powder rooms, and 4 terraces totaling 3,108 square feet. The living room has 12-foot ceilings, and two of the terraces face Madison Square Park. The penthouse is in a 6-story, 30-foot-wide building that was built in 1924, and purchased by a developer for $13,250,000 in 2011. Now called The Whitman, it was divided into 4 full-floor units--each with 4,967 square feet--that closed a year ago at prices ranging between $9.25 million to $10 million. Amenities include a doorman, gym, and storage space. Chelsea Clinton and 4-time Nascar champion driver Jeff Gordon are among the residents. A year ago, Gordon cashed out of his 15 Central Park West unit for $25 million.

The No. 2 contract was another duplex condo: Penthouse 7A at 140 West 12th Street, asking $18.5 million. It has 4,317 square feet including 4 bedrooms, 4.5 baths, and 2 terraces and a balcony that total 1,174 square feet. The penthouse was sold off of floorplans in the new Greenwich Lane, a 5-building, 200-unit condo complex being developed by the Rudin Organization on the former St. Vincent’s Hospital site in the heart of Greenwich Village. Sales started a year ago, and the developer is reporting 70% sold, averaging $3,165/sq.ft. Amenities include doorman, concierge, health club, a 25-meter pool, garage, and storage space.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
October 20-26, 2014

...GET MORE >

Email Olshan Olshan on Twitter Olshan on Facebook