The Real Deal New York

Priciest, cheapest units to hit the market

February 01, 2013 12:00PM

The priciest single-family home to hit the Manhattan market this week is a 10,500-square-foot townhouse located at 54 East 64th Street between Madison and Park avenues in Lenox Hill, which is asking $28 million. Dolly Lenz of Douglas Elliman has the listing, according to The home features a spiral staircase, 30-foot living room with rosewood paneling and an elevator.

The next most expensive listing is a duplex co-op unit at 66 East 79th Street, also between Madison and Park avenues, with an asking price of $18 million. Sami Hassoumi at Brown Harris Stevens has the listing for the six-bedroom, seven-bathroom home. The two-story co-op has a wood-paneled library and renovated kitchen.

Douglas Elliman also has the week’s third priciest listing — this one for a single-family townhouse located at 131 West 95th Street with a $10 million ask. Diane Johnson and Walter Larkin have the listing for the five-bedroom, 5.5-bathroom property, which stands five stories tall. Amenities include a garden and a wood-burning fireplace in the master bedroom.

For the week’s cheapest listing, head uptown to 327 Edgecombe Avenue in Hamilton Heights, where Sam Ahn and Kilsu Michael Ha of New Star Realty have a listing for a studio co-op. The asking price for this home is $127,000, according to the listing.

Mitchell Hall of the Corcoran Group has the next cheapest listing, which is actually located in the same building, 327 Edgecombe Avenue. This 200-square-foot co-op and is asking $129,000. The home has a windowed kitchen, per the listing.

Corcoran also has the third cheapest listing to premiere in Manhattan this week, located at 259 Bennett Avenue in Hudson Heights. Fumiyo Hayashi has this listing, which has a $189,00 asking price. The 500-square-foot studio co-op is gut-renovated, the listing says, and has oak hardwood flooring throughout. —Zachary Kussin

  • semerun

    So let me get this straight re: the 200 sq ft studio on Edgecombe…It’s a tiny, income restricted co-op, first floor unit in a walkup building and often mistaken for the super’s apartment. The maintenance is high considering that it is located in a walk-up, no amenities, in Hamilton Heights (low taxes) and an HDFC (lower taxes). I would value this apartment closer to $29,000 rather than the $129,000 asking price.

    • Is this your area of expertise semerun? Are you an agent? Maybe there is something to be learned by Mitchell Hall when he sells this apartment.

      • semerun

        If Mitchell Hall can
        sell this apartment- more power to him. As an owner in the neighborhood- it
        would be great for my property values, though I have solid reasons to
        be scratching my head at that price. That said, I have challenged formal Broker
        Price Opinions before- and proven brokers wrong. It only takes one buyer to
        prove me wrong…but there are much better values out there if an HDFC is your
        thing (i.e. via UHAB). If I were to use Miller Samuel published 4th Quarter data
        for the neighborhood (and I doubt this is a great apples to apples comparison)
        it’s an interesting exercise. They show the avg. price/sq ft at $92 for a
        studio…but let’s be fair- and try to use the 1 bedroom avg price/sq ft. of
        $204…that would put the price in the neighborhood of $40,800. It’s a tiny
        unit- ground floor- both points would be reasons to discount the unit compared
        to the avg prices. The maintenance exceeds $1 sq ft…which would be a bargain
        if it was 70 blocks south- but high for Hamilton Heights. My common charges in a
        condo within the area are less than $0.60/sq ft- and we have an elevator (which
        adds nicely to our costs). The property taxes included in the maintenance should
        only represent a few pennies a month tops (per sq. ft) since it’s A) and HDFC B)
        in Hamilton Heights- where taxes are still cheap and C) only 200 sq ft. Perhaps
        the building has a high mortgage- which might help explain the high
        maintenance…but considering many of the buildings in the area have maintenance
        of far less than $1.00 sq/ft- you have to discount the sales price even further.
        I do have friends interested in an HDFC apartment within this neighborhood- but
        they were laughing hysterically when they saw this listing. PT Barnum said there
        is a sucker born every minute…very fitting when you consider his partner,
        James Bailey, lived a couple of blocks from this building.

  • If anyone can sell this apartment that is listed at $129,000.00 it would be Mitchell Hall. He is an amazing real estate agent and will find the right person for this apartment, they’re out there.