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

11 Contracts Signed

If we were handing out gold medals, one property outpaced the luxury market by a wide margin last week: The Penthouse at 785 Fifth Avenue, asking $65 million, owned by socialite songwriter Denise Rich, who renounced her US citizenship in 2011 to become an Austrian citizen. The New York Post reported that Ms. Rich, the ex-wife of controversial financier Marc Rich, sold her apartment for $54 million to her downstairs neighbor, entertainment mogul David Geffen. To give perspective on the stratospheric level of this sale: Only 3 residential properties have closed north of $50 million so far this year. The highest priced closed sale last year was a condo in the Plaza Hotel which sold for $48 million.

The Penthouse co-op owned by Ms. Rich is a triplex with 20 rooms, including 7 bedrooms, 11 bathrooms, wraparound terraces, a roof top terrace, a recording studio, and 3 kitchens. The unit has spectacular views of Central Park and is one of the largest penthouses in New York.

The No. 2 sale was apartment 18A at 880 Fifth Avenue, asking $9,450,000 for a 7 room co-op with 2 bedrooms, a library, guest room/office, and a huge wraparound terrace facing Central Park.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
July 23-29, 2012