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Year In Review 2015 Spring Market – Part 3: The Townhouse Market

Year In Review 2015 Spring Market – Part 3: The Townhouse Market

In anticipation of the Spring 2016 market we analyzed the first half of 2015 across all submarkets. The Spring market is historically the strongest season of the year for residential real estate sales in Manhattan.

Typically the townhouse market is analyzed on a yearly basis as the average number of closings in this market are very low; the past 6 year average has been 224 sales. There were 275 closings city-wide in 2014 and only 127 of them were single-family. Below is a snapshot of sales in different neighborhoods in the first two quarters of 2015.

Upper West Side

There were 18 townhouse sales (both multi and single-family homes) in the first half of this year (January 1 through June 30) on the Upper West Side above 57th Street. To put this in perspective, there were only 27 townhouse sales in 2014 all year from 34th to 110th Street on the West Side. The average number of West Side single-family sales in the past 3 years is 18, and the average number of multi-family sales over same time frame is 10.

Single-Family Sales
Below is a list of all the single-family homes that closed during the first two quarters this year.

After less than 5 months on the market, one of the last remaining houses on the avenue, 247 Central Park West, closed in January for $25M; the record high for a single-family home on the West Side.

326 West 89th Street sold at $12.5M; a 20’ wide house with 5 stories and 7,000 square feet on a Riverside Park block. ($1,785/SF)

26 West 71st Street sold at $11.9M; a 17’ wide house with 4 stories and 5,500 square feet on a Central Park block. ($2,163/SF)

296 West 92nd Street sold at $5.771M; an 18’ wide house with 4 stories and 3,240 square feet. ($1,781/SF)

125 West 87th Street sold for $5.4M; a 17’ wide house with 4 stories and 3,400 square feet that needed TLC. ($1,588/SF)

Upper East Side

There were quite a few sales in the first half of this year on the Upper East Side, including 21 single-family homes above 59th Street. There were 63 sales—both single and multi-family in all of 2014 and 45 of them were single-family (34th to 96th Streets). The average number of East Side single-family sales in the past 3 years is 54 and the average number of multi-family sales over same time frame is 15.

Notable Single-family Sales
In stark contrast to the West Side, the East Side’s highest price sale in the first half of 2015 was 125 East 70th Street, which closed for $37M in January. This 40’ wide, 12,000 square foot mansion was built in 1965 by Paul and Bunny Mellon. ($3,083/SF)

12 East 77th Street sold at $32M; a 25’ wide house off Fifth Avenue with 5 stories and 11,450 square feet. A historic property with a famous roster of past owners including Gloria Vanderbilt. ($2,794/SF)

26 East 80th Street sold for $19.85M; a 23’ wide house off Fifth Avenue with 5 stories and 7,450 square feet. ($2,664/SF)

Downtown

In downtown neighborhoods (Chelsea, Flatiron, Gramercy, West and Greenwich Village, Soho, and Tribeca) the first half of this year, there were 24 single-family closings. Almost all of them were in either the West Village or Greenwich Village with only 2 in Chelsea and 1 in Soho/Nolita.

Note: Single-family sales over $10M in 2014 increased 13% over the previous year, putting upward pressure on average and median price last year; $9,443,000 and $7,250,000 respectively. The average number of downtown single-family sales in the past 3 years is 35 and the average number of multi-family sales over same time frame is 28.

Notable Single-family Sales
West Village
278 West 11th Street sold for $25M in March. Triple mint, this designer-renovated 25’ wide home boasts 4,920 square feet, making this a record price per square foot sale at $5,081/SF.

Greenwich Village
20 East 10th Street sold for $18.25M in June. Also triple mint, this 25’ wide house features 7 working fireplaces and state-of-the-art high-end systems.

Chelsea
231 West 22nd Street sold for $9.5M in May. Featuring an immaculate renovation with 6,000 square feet and 1,450 exterior square feet, comprised of a front and back yard and roof deck with a swim spa and resistance pool.

Soho/Nolita
32 Dominick Street sold for $4.1M. Built in 1826, this 3.5 landmarked Federal style house was in need of renovation.

« Part 2: The Condo Market

Part 4: The New Development Market »

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