The Real Deal New York

February sets record with 116 contracts signed for $4M or more

30 contracts signed in fourth week of February

March 02, 2015 08:35AM

From left: 55-57 West 88th Street and a rendering of Greenwich Lane

From left: 55-57 West 88th Street and a rendering of the Greenwich Lane

Last month was the coldest February in New York in 81 years. This, however, wasn’t the city’s only notable record. February also saw a record-setting amount of contracts signed for $4 million or more.

In the last week of February, 30 contracts were signed at that price point, according to the latest Olshan Realty luxury report. This adds up to a total of 116 contracts for $4 million or more, a 23 percent increase since last year. The total sales volume was up 16 percent to $978 million, compared to February last year.

January saw a total of 98 contracts signed for $4 million and above.

A penthouse at Rudin Management and Global Holdings’ Greenwich Lane at 160 West 12th Street for $33 million was last week’s biggest contract. The more than 5,000-square-foot triplex penthouse includes four bedrooms, four-and-a-half bathrooms and a total of more than 3,700 square feet of outdoor space. Greenwich Lane — which is comprised of five buildings and five townhouses and won’t be done for about a year — is 77 percent sold out, according to the report.

Two multifamily townhouses at 55-57 West 88th Street for $22.5 million were the week’s second biggest contract. The townhouses, which include a total of 14,230 square feet and 12 free-market rental units, hit the market in 2013 for $26 million. [Olshan Realty] — Claire Moses

 

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