The Real Deal New York

In first six weeks, the Laureate dominates Upper West Side luxury sales

April 15, 2011 11:05AM

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The Laureate, a penthouse at the building and Shlomi Reuveni of Brown Harris Stevens Select (illustrations by Dbox)

The Stahl Organization’s the Laureate hit the market at 2150 Broadway just six weeks ago, but the Wall Street Journal has already declared the property the “top-selling new luxury condo” in Manhattan. The 20-story, Beaux-Arts project, whose three-to-seven-bedroom units range in price from $2.5 million to $11 million, has accounted for almost one-quarter of the 103 signed contracts above $4 million since sales launched there Feb. 28, according to Donna Olshan, who tracks high-end apartment sales at her residential brokerage, Olshan Realty. On average, condos at the SLCE Architects-designed building, at 76th Street, are going for $6 million, or $2,350 per square foot — twice the current average per-square-foot price of new Upper West Side condos. Stahl bought the Laureate site for around $116 million in September 2008, just as Lehman Brothers crashed and the economy fell apart. But ultimately, the project “hit the market at the right time with the right product,” said Olshan, who is not involved with sales. Shlomi Reuveni of Brown Harris Stevens Select, who is heading up the Laureate’s marketing efforts, said 31 of the building’s 70 units have sold thus far. [WSJ]

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