The Real Deal New York

Record-breaking 157 contracts signed for $4M or more in May

New deals totaled $1.2 billion

June 01, 2015 08:30AM

From left: 551 West 21st Street, the rooftop pool at 551 West 21st Street and a rendering of 221 West 77th Street

From left: 551 West 21st Street, the rooftop pool at 551 West 21st Street and a rendering of 221 West 77th Street

The month of May has set a record for most contracts signed for $4 million or more, according to this week’s Olshan Realty luxury report.

The last week of the month saw 27 contracts signed at that price point, bringing the total to 157, which is the highest number since Olshan Realty started tracking the deals in 2005. Last May, there were 145 contracts signed for $4 million or more.

The month’s contracts add up to a sum of $1.2 billion.

The biggest contract of the week was a penthouse at Scott Resnick’s 551 West 21st Street for $40 million. The full-floor unit spans 6,137 square feet and includes three bedrooms, 3.5 bathrooms and a chef’s kitchen. The apartment comes with a 57-foot terrace. Norman Foster’s Foster+Partners designed the 44-unit condo project. Prices in the building average $3,372 per square foot.

The second biggest contract signed was a 14th floor unit at the Naftali Group’s 210 West 77th Street for $12 million. The five-bedroom, 4.5-bathroom pad has two private outdoor terraces and spans 3,519 square feet. Thomas Juul-Hansen designed the 25-unit building. [Olshan Realty] — Claire Moses

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