Leslie J. Garfield & Co. Townhouse & Building Report released.
Leslie J. Garfield & Co., Inc., New York City’s leading townhouse and buildings real estate brokerage firm, recently released its 2013 Townhouse & Building Report. Sales totaled $2.76 billion last year according to the report, with an average sales price of $7.2 million.
“The townhouse market has continually risen in New York City over the past few years, remaining strong throughout the recession. We anticipate even better sales figures in 2014, as international buyers continue to find New York City a great long-term value,” stated Jed Garfield, managing partner of Leslie J. Garfield.
Sales activity in the West Village was especially strong, with the highest average price per square foot of $1,933 and an average sales price of $7.2 million. This price appreciation was primarily in the multi-family segment.
“Looking forward, as many of these townhouses are converted into homes, the natural progression will lead to price growth in the single-family segment in 2014 and 2015,” noted Garfield.
The highest priced townhouse sale of 2013 occurred in Midtown East at 21 Beekman Place, a renovated single family home with East River views, selling for $34.35 million and a record of $4,844 per square foot.
The Upper East Side had the highest average sales price at $9.6 million, and an average price per square foot of $1,516. There was particular strength west of Park Avenue, where the average pricing was $14.6 million and $1,972 per square foot.
Looking forward to 2014, the report notes impending sales of the townhouses at 19 East 64th St. for $90 million to $100 million, and 828 Fifth Ave. for north of $75 million, are poised to shatter the existing record of $53 million paid for the townhouse located at 4 East 75th St. in 2006.
Leslie J. Garfield & Co. has been releasing market reports since 2002. The research is completed in-house with the goal of providing in-depth knowledge of the building market to both sellers and buyers, which establishes a deeper understanding of market conditions. As the respected expert in townhouse representation and sales, Garfield’s reports provide over 40 years of intimate knowledge of Manhattan real estate trends.