Manhattan townhouse deals reach record levels

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

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.

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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.

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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.