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

19 Contracts Signed

Sandwiched between Passover/Easter Sunday and the income tax deadline, the luxury market responded very well with 19 contracts signed, totaling almost $145 million. One thing to note: Thus far this year, the average marketing time on luxury properties at $4 million and above has been 305 days (or 10 months). That may seem like a long time to have a property on the market, but it’s not unusual for high-end residences. In 2011, for example, the average marketing time was 249 days before a luxury property went to contract.

The No. 1 contract of the week was Penthouse 3B at 101 West 67th Street, asking $27.5 million. It has been on and off the market since September 2010, when it started at $34.5 million. The condo is on the 56th floor of the Millennium Tower. It has 5,132 square feet and spectacular views of Central Park, the Hudson River, and the entire city. The unit has 4 bedrooms, 5 full bathrooms, and 3 half bathrooms, plus a small balcony off the library/guest room.

The No. 2 contract was signed within 3 weeks of its listing: Unit 3 at 15 East 70th Street, asking $10,500,000. This is a unique 3 bedroom, 4.5 bathroom condo with 3,700 square feet in a double-wide mansion limestone townhouse with a doorman. The unit has a balcony off the living room and 3 fireplaces.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
April 9-15, 2012