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

32 Contracts Signed

Thirty-two contracts were signed last week at $4 million and above including the biggest contract of the year: a mansion townhouse at 7 West 54th Street, asking $49.9 million. The week’s total ended with co-ops outselling condos 13-12, plus 5 townhouse contracts and 1 condop.

The townhouse at 7 West 54 started on the market 13 months ago, asking $65 million. In December, the seller changed brokerage firms and dropped the price to $49.9 million, which translates to $3,006/sq.ft.. This Beaux Arts limestone mansion was built in 1889 for Philip Lehman, founder of Lehman Brothers. In 2005, it was purchased for $13 million by Zimmer Lucas Capital for use as offices for its hedge fund. The house was meticulously renovated and expanded to 16,600 square feet that included a 6th-floor glass penthouse with a retractable roof.

The No. 2 contract was the 17th floor at 778 Park Avenue, asking $22.5 million, with a monthly maintenance of $18,658. This 10-room co-op has 3 bedrooms, 3 bathrooms, 2 fireplaces, and 5 terraces. Its 30-foot living room has 11-foot ceilings and French doors that open onto a large terrace. The unit needs a complete renovation.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
June 17-23, 2013