According to a recent article in The Real Deal, 157 contracts of $4 million or more were signed on properties in New York City this May. This is the highest figure we’ve seen since Olshan Realty started tracking these high-value deals back in 2005. Last May, 145 contracts were signed on properties of $4 million or more. In total, these 157 contracts are valued at roughly $1.2 billion. The largest of these contracts was on a $40 million penthouse on West 21st Street. On average, property in this penthouse was valued at roughly $3,000 per square foot.
2014 saw a number of real estate records broken in New York City, but already 2015 is shaping up to be another year of unprecedented growth in the market. Earlier in the year, the highest value condo sale in Manhattan’s history was closed for over $100 Million. In a recent entry on Streeteasy.com, Elizabeth Gay outlined more records that stand to be broken in 2015. Among these are the most expensive asking price, most expensive asking rent, and shortest time on the market.
Here at Skyline Properties, we’re thrilled to be a part of this period of historic growth in the New York City real estate market. This year, we’ve set our sights on continuing to provide our clients with uncommon discretion and opportunity by facilitating quiet deals before they ever hit the market. In 2015, we’re working harder than ever to keep our finger on the pulse of the market and contribute to its continued growth.
Stay tuned for more updates from Robert Khodadadian of Skyline Properties!