I am here to report that we are closing out the long, hot summer of 2012 with 9 contracts signed last week, streaking to a record 129 contracts for the 10-week period that began on June 25 and ended on the day before Labor Day. This is a 42% increase over last summer and the best summer since we started keeping score in 2007 (see box score below). One thing to note: the Dow Jones Industrial Average finished August at 13,091, up 1,851 points over the same period last year, while mortgage rates remain historically low.
The No.1 contract last week was the Penthouse Triplex at 482 Greenwich Street, asking $11,500,000, in a new condo building that should be completed by the end of the year. The 4,675 square foot unit has 4 bedrooms, 6.5 baths, and a 22’ ceiling in the living room that opens to a fabulous wraparound terrace. There is also a roof top deck.
Speaking of new construction, there are going to be quite a few new condo projects slated to come on the market in the next 6 months that will be sold off of floorplans and renderings. Most of these buildings will not be completed until 2014 and beyond. I predict one of the big winners will be the new condo at 432 Park, developed by Harry Macklowe and financed by CIM. At 1,395 feet tall, with 84 construction floors, this condo will be the tallest residential building in New York. The 117-unit building is designed by Rafael Viñoly (architect for Jazz at Lincoln Center) with interiors by Deborah Berke. One unique feature: Owners will be able to buy offices that are located below the 34th floor. Maid’s and storage rooms and wine cellars will also be for sale. Some of the design features are dramatic: 12 ½ -foot ceilings and huge picture windows that measure 10-feet wide and 10-feet tall, providing panoramic views of Central Park and the rivers above the 55th floor. 432 Park has a robust amenity package that includes doormen, concierge, onsite housekeeping, valet parking, a 75-foot pool, fitness center, yoga studio, children's playroom, a screening room, billiards room, and a 64-seat private restaurant that opens onto a huge terrace. The condo takes great care to offer privacy and comfort with 6 elevators and a lobby on 56th Street between Park and Madison. There will also be a landscaped sculpture garden. My sources tell me that the blended average asking price will be $5,800/square foot. The building is due to come on the market this fall but it won’t be completed until 2015.
Average Condo Size 2,799 sq.ft. 2,829 sq.ft.