LUXURY MARKET REPORT
February 16-22, 2015

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

28 Contracts Signed

A hardy band of buyers braved last week’s unspeakable cold and signed 28 contracts at $4 million and above. The No.1 and 2 contracts were polar opposites.

The No.1 contract was Apartment 53B at 157 West 57th Street, asking $32.75 million, which seems like a bargain compared to the record $100.5 million penthouse that recently closed in the building. Unit 53B has 5,475 square feet including 5 bedrooms and 5.5 baths. Featuring Central Park and city views, it has 10-7-foot ceilings and a master suite that is over 1,200 square feet. This 90-story, 90-unit building was built above a 5-star Park Hyatt hotel. Condo amenities include use of hotel services, fitness center, pool, private dining, a library lounge, a performance space, and garage. At this point, at least 75% of the condo’s units have sold; foreign buyers reportedly comprise almost half the sales.

The No. 2 contract was a townhouse at 139 West 11th Street, asking $25 million. It is part of the Greenwich Lane, an elegantly designed condo complex comprised of 5 buildings and 5 townhouses on the former St. Vincent’s Hospital site. The 22-8-foot-wide townhouse has 6,979 square feet including 5 bedrooms, 5 bathrooms, 3 powder rooms and an elevator; it also includes a garden and terrace that total over 1,100 square feet. The townhouse has use of the condo’s amenities that include concierge, doorman, fitness center, pool, children’s room, and garage. The Greenwich Lane, which is under construction and will not be completed for at least another year, has sold over 75% of its 200 units at asking prices averaging $3,138/sq.ft. With all the hoopla about foreign buyers, Bill Rudin, CEO of Rudin Management, developers of the Greenwich Lane, issued this statement to Crain’s last week: “Ninety percent of our buyers are domestic, and 70% are New Yorkers.”

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
February 16-22, 2015

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