The Real Deal New York

Contracts signed at $4M-plus surge to highest level in 2 years

The increase is a dramatic break from several slow weeks

August 08, 2016 10:05AM

From clockwise: 116 Waverly Place in the West Village, 238 East 15th Street in Gramercy Park, 21 East 12th Street in the west Village and 70 Vestry Street in Tribeca

From clockwise: 116 Waverly Place in the West Village, 238 East 15th Street in Gramercy Park, 21 East 12th Street in the west Village and 70 Vestry Street in Tribeca

After several weeks of sluggish luxury sales, the first week of August hit a two-year high.

Last week 43 contracts were signed for residential properties priced at $4 million or more, the highest number inked in a single week since March 2014, according to Olshan Realty’s TRData LogoTINY latest marketing report. The sudden spike is mostly due to a flood of sales at William Macklowe Company’s condo project at 21 East 12th Street and Related Companies’ 70 Vestry Street. Together the buildings accounted for 24 of the 43 contracts signed from August 1 through August 7. The total asking price volume for all the contracts was $353.1 million.

The top contract of the week was for 8N at 70 Vestry for $29.5 million. The seven-bedroom condo spans 5,825 feet and has 1,215 square feet of outdoor space. The second-priciest contract was a townhouse in the West Village that sold for $23.5 million. The six-story townhouse at 116 Waverly Place spans 10,200 square feet and has another 2,000 square feet of outdoor space.

The jump in contracts follows a few weeks of slow sales. In July, the highest number of contracts signed in a single week was 24.  [Olshan Realty] —Kathryn Brenzel

Editor’s note: The number of contracts signed at 21 East 12th Street and 70 Vestry reflect those signed since the buildings hit the market in June and April, respectively. The Olshan report includes contracts in new development projects as they become available and aren’t necessarily signed during the timeframe that the weekly reports reflect.

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