$15 million and Up - Rava Realty

$15 million and Up

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The number of sales of single-family properties in New York City at or above $15 million hit a new post-recession high over the past 12 months, with 76 closed sales at that price point recorded throughout the five boroughs.

At the current pace, $15 million-and-up sales are on track to set an all-time record in 2014, Jonathan Miller, president and CEO of appraisal firm Miller Samuel told The Real Deal Magazine.

The last time the number of deals at that threshold was this high was in 2008, when 90 sales at or above $15 million were recorded. Of the 76 closed sales at or above $15 million, 24 were located in new condominium developments.

At the top of the chart was the $70 million purchase of an apartment at 960 Fifth Avenue, an all-time record for a co-op.

The push for both higher price points and buyer interest in new high-end development is driven by two main factors, Miller said: costly land on which increasingly expensive residential product is being built, and a global phenomenon of international investors seeking a safe haven for their capital.

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