LUXURY MARKET REPORT 2019
Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above
July 1-7, 2019
9 Contracts Signed
Nine contracts were signed last week at $4 million and above, the first sub-10 performance since the last week in December. At first blush, it would seem that the July 4th holiday cratered the week’s activity. But a more likely reason for the anemic showing was this: The rush to close properties before the July 1 increase in the New York State Mansion Tax caused many buyers to accelerate their purchases and thus deplete last week’s totals.
The No. 1 contract was Apartment 8B at 7 Hubert Street, asking $9.725 million, reduced from $9.995 million when it went on the market at the end of March. The condo has 3,253 square feet including 4 bedrooms and 4 bathrooms. A 30-foot living room with 12-foot ceilings opens onto a 20-foot-long terrace. Building amenities include a gym, concierge, and children’s playroom. The seller of 8B paid $3,510,417 for the unit in 2005 after the building, designed by BKSK Architects, was completed.
The No. 2 contract was 8F at 10 Madison Square West (also known as 1107 Broadway), asking $7.65 million. The condo has 2,391 square feet including 3 bedrooms and 3.5 bathrooms. All of the rooms front Madison Square Park. The seller originally signed a contract in July 2013 when the building was being constructed and closed in March 2016 for $8,146,000. Amenities include a 10,000-square-foot fitness area that features a 50-foot lap pool.
