More than 800 $4M-plus contracts logged this year

December 31, 2012 01:00PM

This year proved to be the strongest year for the New York City luxury residential market — with 807 contracts signed for homes priced at $4 million and above, representing some $6.6 billion in sales, according to the latest market report from residential brokerage Olshan Realty. The total number of contracts signed signifies a 20 percent jump over 2011, and a 7 percent increase over 2007, the previous top year.

The report cites Streeteasy data showing that 721 recorded sales — representing 427 condos, 228 co-ops and 66 townhouses — closed at $4 million and above, and 129 sales closed at $10 million. Four sales — including the record-smashing $88 million sale of Sandy Weill’s 15 Central Park West penthouse to the daughter of a Russian billionaire — closed for upwards of $50 million.

The average price of all properties in contract was $8.03 million, the median price was $6.25 million, and the average number of days these luxury listings were on market before they went into contract was 248. – Hiten Samtani