Is 2015 going to be the Blockbuster year for NYC Real Estate?
Being in the trenches in NYC Real Estate it’s hard to believe but real estate is during one of the historically coldest months in 81 years there have been the most contracts signed in February ever – over $4M with over 116 contracts signed. What does that say about the market? Here are 2 great articles from our friends at Street Easy and The Real Deal sharing thier insight of what is to come:
RECORDS to BREAK in 2015
Talk about ending 2014 with a bang. In late December, the penthouse at One57 closed for a record-breaking $100.5M, inspiring us to take a look at other milestones that could be broken this year.
February sets record with 116
contracts signed for $4M or more
Last month was the coldest February in New York in 81 years. This, however, wasn’t the city’s only notable record. February also saw a record-setting amount of contracts signed for $4 million or more. In the last week of February, 30 contracts were signed at that price point, according to the latest Olshan Realty luxury report. This adds up to a total of 116 contracts for $4 million or more, a 23 percent increase since last year. The total sales volume was up 16 percent to $978 million, compared to February last year. January saw a total of 98 contracts signed for $4 million and above. A penthouse at Rudin Management and Global Holdings’ Greenwich Lane at 160 West 12th Street for $33 million was last week’s biggest contract. The more than 5,000-square-foot triplex penthouse includes four bedrooms, four-and-a-half bathrooms and a total of more than 3,700 square feet of outdoor space. Greenwich Lane — which is comprised of five buildings and five townhouses and won’t be done for about a year — is 77 percent sold out, according to the report. Two multifamily townhouses at 55-57 West 88th Street for $22.5 million were the week’s second biggest contract. The townhouses, which include a total of 14,230 square feet and 12 free-market rental units, hit the market in 2013 for $26 million.
See more at: The Real Deal
