Manhattan townhouse deals reach record levels

95 townhouse contracts asking $4M+ have been signed this year

New York /
Jun.June 07, 2021 03:17 PM
The PHA unit of 895 Park Avenue was the top contract of the past week (Warburg Realty)

The PHA unit of 895 Park Avenue was the top contract of the past week (Warburg Realty)

Though the pace of luxury contract signings in Manhattan slowed slightly, last week still continued a hot streak for the borough.

Between May 31 and June 6, 31 contracts with asking prices of $4 million or more were signed, according to Olshan Realty’s weekly report. That’s nine fewer than the previous week, but the 18th week in a row that 30 or more contracts were signed.

There were 15 condo and 11 co-op contracts signed last week. Townhouses accounted for five of last week’s deals. That brings the year-to-date total of townhouse signings to 95, the most since Olshan began tracking. The previous record was in 2015, when 72 townhouse contracts were signed between January to June.

The report suggests that the increase in townhouse deals may be a result of the pandemic leading buyers to look for larger homes with outdoor space.

The median asking price for all units was $5.95 million, a slight bump from the previous week’s $5.5 million. The homes spent an average of 530 days on the market.

The priciest contract signed last week was for a penthouse at 895 Park Avenue, asking $29.5 million. It is the most expensive co-op contract so far this year, surpassing Steven Mnuchin’s co-op at 740 Park Avenue at $25.75 million.

The home has six bedrooms and six-and-a-half bathrooms, along with a sunroom and landscaped terraces. It’s being sold by an estate of the deceased owners, who bought the unit in 1974 from conductor and composer Leonard Bernstein.

The second biggest deal was a co-op at 21 East 61st Street, asking $27.5 million. The townhouse-style unit is nearly 10,000 square feet across five floors. It has six bedrooms, six bathrooms, two powder rooms, three terraces and an elevator. The building was formerly the Carlton Hotel, which was converted into a co-op in 2013.





    Related Articles

    arrow_forward_ios
    45 South Grove St in East Orange (Rendering via Progress Capital)
    Hero Construction lands $20M loan to build East Orange apartments
    Hero Construction lands $20M loan to build East Orange apartments
    90 Morton Street and 212 West 18th Street (Photos via 90MortonSt and JDS)
    Walker Tower pad to sell at loss as Manhattan luxury market hits 7-month low
    Walker Tower pad to sell at loss as Manhattan luxury market hits 7-month low
    Rep. Alexandria Ocasio-Cortez, President Joe Biden and House Speaker Nancy Pelosi (Getty)
    Democrats urge Biden to extend eviction ban after House effort falls short
    Democrats urge Biden to extend eviction ban after House effort falls short
    Anderson Cooper is selling the apartment of his late mother Gloria Vanderbilt (Getty, Corcoran)
    Gloria Vanderbilt’s Beekman Place apartment lists for $1.1M
    Gloria Vanderbilt’s Beekman Place apartment lists for $1.1M
    Some real estate agents are seeing a rebound in international interest, but others believe foreign buyers aren’t quite back yet. (iStock)
    Some say foreign buyers are back, but evidence is anecdotal
    Some say foreign buyers are back, but evidence is anecdotal
    Susan Rice (Getty, iStock)
    Susan Rice to co-chair home appraisal inequity task force
    Susan Rice to co-chair home appraisal inequity task force
    Rep. Alexandria Ocasio-Cortez and President Joe Biden (Getty)
    Tenant advocates frustrated with Biden’s eviction response
    Tenant advocates frustrated with Biden’s eviction response
    Dumped by Macklowe and Churchill, Core Real Estate demands fees
    Dumped by Macklowe and Churchill, Core Real Estate demands fees
    Dumped by Macklowe and Churchill, Core Real Estate demands fees
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...