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$4.3M penthouse biggest sale in 3rd quarter.

$4.3M penthouse biggest sale in 3rd quarter

With a $4-3 million penthouse purchase leading the way, the New York City luxury condominium sales market continued to gain momentum during the third quarter, with 82 transactions totaling nearly $60 million compared to the previous three month period when apartments worth $46.6 million were sold.

So reports the latest edition of the Ambrose-Mar Elia's Condominium Sales Report, which tracks purchases in 46 of Manhattan's most prestigious condominium buildings.

According to Jean Luban, vice president and head of Ambrose-Mar Elia's Condominium Sales Department, a 7.5-room penthouse apartment at Metropolitan Tower, 146 West 57th Street, sold for $4,328,000, the highest price paid for a luxury condominium during third quarter, while a $4.12 million sale of a duplex on the 64th and 65th floors of Trump Tower, 721 Fifth Avenue, claimed the period's highest price per square foot, $1,435.

"Sales activity is definitely picking up in the high-end sectors of the marketplace," asserted Luban, "and its pretty much across the board in terms of which buildings are benefiting from the resurgence."

She noted, for example, that high profile buildings like Trump Tower and United Nations Plaza as well as condominiums like 59 and 299 West 12th Streets were all enjoying heightened buyer interest.

As further evidence of a general upswing in the luxury condominium marketplace, Luban noted that only 114 sales took place during the second and third quarter in 1990 compared to 166 transactions during the same period this year.

In terms of recent purchases, the second highest price paid during the third quarter - $4,125,000 - was for a 2,873-square-foot duplex apartment on the 64th and 65th floors at Trump Tower. A neighboring 3,271-square-foot duplex residence on the same floor also sold for the same price.

In terms of price per square foot, the two Trump Tower duplex sales earned top honors at $1,435 and $1,261 a square foot respectively. A third Trump Tower sale involving a $2 million purchase of a 1,784 square foot 54th floor apartment, took third place at $1,121 a foot.
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Copyright 1991, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Real Estate Weekly
Article Type:Brief Article
Date:Nov 20, 1991
Words:355
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