LUXURY MARKET REPORT
August 25-31, 2014

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

22 Contracts Signed

How did this July and August compare to the same 2 months last year in the Manhattan luxury real estate market? Surprisingly, it was practically a dead heat. The score was 193 to 191, with 2014 edging out 2013 for contracts signed at $4 million and above. There was, however, one notable difference: 26% more condos were sold off of floorplans during the last 2 months. For an explanation, look no further than 30 Park Place, where the new Four Seasons condo has sold 32 units at $4 million and above, averaging $2,969/sq.ft., since July 1.

The top 3 contracts of the week were all in a new condo at 551 West 21st Street. No. 1 and No 2 were 17A and 10A, asking $18.5 million and $14.3 million, respectively. Both units are 4,271 square feet with 4 bedrooms and 4.5 bathrooms. The No.3 contract was Unit 17B, asking $14 million for 3,860 square feet, which includes 3 bedrooms and 3.5 bathrooms.

These units are being sold off of floorplans in a new High Line area condo designed by Foster + Partners, home of the Pritzker Prize-winning architect Lord Norman Foster. The marketing materials promise high-end finishes with panoramic views of the city and the Hudson River. The entrance to this 19-story building features a drive-in court surrounded by a green wall and a 34-foot-tall lobby with prismatic glass. The condo opened for sale in March, and is reporting contracts signed on 20 out of 44 units, averaging $3,039/sq.ft..

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
August 25-31, 2014

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