February 23-March 1, 2015

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

30 Contracts Signed

The stock market just completed its best month since October 2011, but the Manhattan luxury real estate market had its best February since...ever! Thirty contracts were signed last week, catapulting February to a record 116 contracts at $4 million and above, a 23% increase over last year. Total volume of sales was $978 million, up 16% over February 2014.

The No.1 contract was PH North at 160 West 12th Street (The Greenwich Lane), asking $33 million. Penthouse North is a 4-bedroom, 4.5-bathroom triplex with 5,091 square feet and terraces on each floor that total 3,705 square feet. The master encompasses one of the floors, and the living room features a double-height ceiling. To date, the condo has sold 77% of its 200 units with asking prices averaging $3,159/sq.ft. The Greenwich Lane, which will not be completed for another year, is comprised of 5 buildings and 5 townhouses on the former St. Vincent’s Hospital site. Amenities include concierge, doorman, fitness center, pool, children’s room, and garage.

The No. 2 contract was 55-57 West 88th Street, two multi-family townhouses being offered together asking $22.5 million, reduced from $26 million when they went on the market in October 2013. The houses span a total of 40 feet with 14,230 square feet that include 12 free-market rental units.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
February 23-March 1, 2015


Email Olshan Olshan on Twitter Olshan on Facebook