OLSHAN LUXURY MARKET REPORT

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Manhattan Townhouse 2010 Market Report

In 2010, StreetEasy reported that 138 single and multi-family houses closed at $2 million and above in Manhattan. Sales totaled approximately $945 million, and the average price per square foot was $1,503.

In 2010, there were 24 closed sales at $10 MILLION and above. The average price per square foot was $1,960. In this category, there were 18 sales on the Upper East Side, 2 on the West Side, and 4 Downtown.

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In 2010, there were 3 houses that closed at $20 million and above:

1009 Fifth - Duke Semans Mansion bought by Carlos Slim for $44 million 7/21/2010. The 19,500 sq.ft. house needs a complete renovation.. The sales price represents $2,256/sq.ft.

2 North Moore Street aka 232 West Broadway- This is a 65? wide triple mint townhouse with 11,300 sq.ft, a 2-car garage and a 50? lap pool. Closed for $24,065,000 on 7/1/2010, trading at $2,130/sq.ft.

13 East 67th Street? This is a 4-story 23? foot limestone townhouse with 8,001 sq.ft. which closed for $20 million on 7/1/2010. Built in 1910, it was sold by a member of the Rockefeller family . It reportedly was bought by artist Jeff Koons, who had purchased the neighboring multi-family house at 11 E 67th Street in 2009 for $12 million. He is combining the two houses.

In August 2010, Olshan Realty started charting the townhouse market. From August 2, 2010 -January 2, 2011, there were 9 Contracts Signed at $10 million and above:

UPPER EAST SIDE (4) over $10 million :
3 E 94th Street? 25-foot wide, renovated, 11,700 sq.ft. with lap pool. It started on the market 9/08 for $29.5 million. Closed 10/12/2010 for $18.5 million. Sales price represents $1,581/sq.ft.

34 E 74 Street - 20- foot wide, 8000 sqf.ft. Started on market 4/07 for $16.5 million. Closed 10/10 for $13.650 million. Sales price represents $1,706/sq.ft.

122 E 70?--? 20-foot wide, 8000? sq.ft. Closed on 11/23/2010 for $12,850,000. Sales price represents $1,606 sq.ft.

44 East 74th Street? 20-foot wide, 9,500 sq.ft. Asking $17 million or $1,789/sq.ft. Triple mint condition, 6-unit limestone building with elevator. Contract Signed 12/30/10

DOWNTOWN TOWNHOUSES UNDER CONTRACT (4) over $10 million :
22 Downing - 24-foot wide, 5,900 sq.ft., $14.95 million - new construction/development
24 Downing - 23-foot wide, 6,080 sq.ft., $16.95 million- new construction/development
81 Barrow? - 25-foot wide, 5,500 sq.ft. , $15 million
38 Grove? - 21-foot wide, 5,200 sq.ft. $15 million??

WEST SIDE DOWNHOUSES UNDER CONTRACT ABOVE $10 million: 41 West 74th Street?20-foot wide, 8,175 sq.ft. Asking $14,245,000 which represents $1,743/sq.ft. It is a two-family Brownstone in triple mint house.

From August 2, 2010- January 2, 2011, 36 Townhouses have gone under contract with asking prices at $4 million and above . The average price per square foot was $1,539/sq.ft. The breakdown:

  • 19 Downtown
  • 10??Upper East Side
  • 2??? Midtown
  • 5??? West Side

    Summary of Townhouse Activity in the 5 Weeks of The Holiday Season 2010:
    $4 million and above: 12 Contracts Signed
    November 29-December 5, 2010: 6 contracts signed: Six houses went under contract?the biggest week in 5 months. All were asking below $9 million. Two houses sold on the Upper East,? 2 Upper West Side, and 2 Downtown. Interestingly, three of the six houses are re-sales from 2008 or later. The 17-foot wide house at 181 East 80th Street was asking $8.95 million--reduced from the $9.75 million when it closed in January 2010. A 15-foot wide house at 138 East 71st Street was asking $7.25 million, reduced from its closed price of $9,382,700 in December 2008. The other recent resale was 115 West 69th Street, which was asking $7.995 million, having been purchased in 2009 for $4.4 million. ?The average price per square foot on the asking prices of the 6 houses was $1,493/sq.ft.

    December 6-12: 0 sales
    December 13-19: 1 sale, 387 West End Avenue-- 16-foot wide, 3840 sq.ft., asking $4,995,000. The asking price was $1,301/sq.ft.
    December 20-26: 3 sales all were at asking prices below $5 million, representing $978/sq.ft.
    December 27, 2010- January 2, 2011: Ringing in the New Year with 2 big sales of 20--foot wide houses: 41 West 74th Street asking $14.245 million and 44 East 74th Street asking $17 million. The Average Asking Price per square foot was $1,769.

    CLICK HERE FOR THE 2011 OLSHAN NEW YEAR MARKET REPORT

    Report Written by :

    Donna Olshan
    President
    dso@olshan.com

    Emily Chen
    Private Wealth Real Estate Services
    Chief of Research
    ecc@olshan.com

    CLICK HERE TO VIEW PAST MARKET REPORTS.

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