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

The increase is a dramatic break from several slow weeks

New York /
Aug.August 08, 2016 10:05 AM

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.

 

Related Articles

arrow_forward_ios
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)
For 15 years, David Koch lived at the world’s “richest building”
For 15 years, David Koch lived at the world’s “richest building”
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Here are the week’s top luxury sales
220 Central Park South and Arel Capital’s Richard Leibovitch (Arel, Robert A.M. Stern Architects)
Arel Capital’s Richard Leibovitch sells 220 Central Park South unit for $33M
Arel Capital’s Richard Leibovitch sells 220 Central Park South unit for $33M
Quay Tower at 50 Bridge Park Drive and 90 Furman Street (StreetEasy, Compass)
Brooklyn Heights condo tops luxury contracts at $2.6K per square foot
Brooklyn Heights condo tops luxury contracts at $2.6K per square foot
Glut reaction: NYC’s unsold condo inventory is finally receding
Glut reaction: NYC’s unsold condo inventory is finally receding
Glut reaction: NYC’s unsold condo inventory is finally receding
1 Boerum Place in Brooklyn and Avery Hall founding partner Avi Fisher (Avery Hall)
One Boerum Place lands $177M recapitalization
One Boerum Place lands $177M recapitalization
Brooklyn luxury contracts last week led by $4.3M Cobble Hill condo
Brooklyn luxury contracts last week led by $4.3M Cobble Hill condo
Brooklyn luxury contracts last week led by $4.3M Cobble Hill condo
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...