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Residential
New York

The mighty middle: Market for mid-priced homes wakes up

The market for mid-priced Manhattan properties wakes up, but homes under $1 million linger

From the February issue: A Central Park West mansion belonging to retired Coach executive Keith Monda sold last month for $22.4 million, a record price for a single-family townhouse on the Upper West Side. The purchase kicks off the New Year with echoes of 2011: luxury real estate maintaining (or even exceeding) its pre-crash values, and a wealthy foreigner — in this case, international buyer Igor Iankovsky — swooping in to own a piece of New York City.

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But the rest of the residential market last month was inconsistent, brokers said; while there’s strong demand for mid-priced properties, sales of properties under $1 million are sluggish. [more]