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

Sandy Weill and 15 CPW
Sandy Weill and 15 CPW

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.

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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