Jane Jacobs wrote The Death and Life of Great American Cities here. (27 Bethune Street, #TH - Compass)
Manhattan Sales:
- In the first full week of April 2022, a total of 311 condo, co-op, and condop sales were recorded in Manhattan
- The aggregate total of sales was $579,224,268
- 136 condo sales came to a median price of $1.63 million ($1,486 per square foot)
- 12 condop sales came to a median price of $987.5K
- 163 co-op sales came to a median price of $825K
In this article:
The Manhattan real estate market has been going strong for quite some time now, and new data indicates no sign of slowing down: According to a report from Douglas Elliman and Miller Samuel, Manhattan residential sales topped $7 billion in the first quarter of 2022, up 46% from Q1 2021. The average price jumped 19% in the same time period to $2,042,113.
Some speculated that return-to-office dates might be behind the increase in deals, but new data shows that only 36% of New York workers have returned to the office. Appraiser Jonathan Miller observed, "Remote work doesn't just mean the suburbs. There could be as many people working remotely on the Upper East Side of Manhattan as there are in Westchester."
Some speculated that return-to-office dates might be behind the increase in deals, but new data shows that only 36% of New York workers have returned to the office. Appraiser Jonathan Miller observed, "Remote work doesn't just mean the suburbs. There could be as many people working remotely on the Upper East Side of Manhattan as there are in Westchester."
The Westbury (Sotheby's International Realty https://www.cityrealty.com/nyc/park-fifth-ave-to-79th-st/the-westbury-15-east-69th-street/apartment-PH/hqrCstjSM)
Indeed, the first full week of April 2022 was a good one for the Upper East Side, with four of the top five sales taking place in the area. The top sale was the duplex penthouse at the top of The Westbury, the handsome hotel-turned-condominium, which closed for $26,000,000. It entered contract with an asking price of $32,000,000 in January 2022, which Olshan Realty's market report noted was a 29% discount from its original listing price of $45,000,000.
The buyer conducted the transaction through an LLC; when the penthouse entered contract, the seller was identified as the estate of Tony Award-winning Broadway producer Terry Allen Kramer. Her obituary in The New York Times said that while she was better known for her massive Florida residence, she kept her awards in her Manhattan penthouse.
The buyer conducted the transaction through an LLC; when the penthouse entered contract, the seller was identified as the estate of Tony Award-winning Broadway producer Terry Allen Kramer. Her obituary in The New York Times said that while she was better known for her massive Florida residence, she kept her awards in her Manhattan penthouse.
While the penthouse at The Westbury ultimately closed at a 42.2% reduction, it was nevertheless the top sale of the past week by far. Trailing in its wake was Unit #14 at The Benson, which closed for $14,450,000, or its asking price when it entered contract in March 2021.
32 Mount Morris Park West, #TH (Christie's International Real Estate)
Also among last week's notable sales was 32 Mt. Morris Park West, which sold for $6.4 million, or $907 per square foot - a record for townhouses in its Harlem neighborhood. The Real Deal announced the sale and noted that the house was originally built in 1888 for Alexander Phoenix Ketchum, a Union general during the Civil War. Over 100 years later, the five-bedroom, five-bath home has much of its original detailing; it also has a glass-enclosed rooftop gym and solarium, a walk-in closet with a midnight bar, and approximately 2,000 square feet of landscaped outdoor space. The buyer was not identified, but broker Anna Hargraves Hall of Compass observed that the sale closed on the last day before the buyer would have been forced to renegotiate a lower mortgage rate locked in at the beginning of the year.
944 Fifth Avenue, #5 took the top contract in Manhattan this past week with a last listed price of $20M (Douglas Elliman)
Manhattan Contracts:
- From April 4-10, 2022, a total of 330 townhouses, condos, co-ops, and condops entered contract
- The average time on the market was 92 days
- The total sticker price sum came to $715.8 million, and the median last asking price came to $1.35 million
- The 138 condo deals came in at a median asking price of $2.06 million ($1,813/ft/)
- The 13 condop deals came to a median last asking price of $1.575 million
- The 173 co-op deals came to a median last asking price of $899K
On the contracts side, it was an equally impressive week for the Upper East Side. While Manhattan's luxury condos ($4 million and up) outsold co-ops at a rate of 28-7 (h/t Olshan Realty's market report), a co-op had the top contract of the past week: Residence #5, a full-floor residence at the highly exclusive 944 Fifth Avenue, entered contract with an asking price of $20,000,000, or 20% below the listing price of $25,000,000. Incidentally, this is also the same price art dealer Robert Mnuchin (father of the former U.S. Treasury Secretary) paid for it in January 2008. The seller was not identified, but we can assume they are highly well-heeled: The market report notes that the building only allows 33% mortgage financing.
The second-highest contract of the week was for 123 East 61st Street, a six-story, 9,200-square-foot townhouse asking $18,800,000. This new construction townhouse is highly respectful of its historic surroundings, yet features state-of-the-art infrastructure, home automation technology, custom lighting, and integrated high-end kitchen appliances. A few blocks north, a Beaux-Arts townhouse at 165 East 65th Street was nipping at its heels with an asking price of $18,250,000.
Jane Jacobs wrote here. (27 Bethune Street, #TH - Compass)
Further downtown, 27 Bethune Street entered contract with an asking price of $8,995,000. Jane Jacobs wrote The Death and Life of Great American Cities while renting a room in the building; in fiction, the protagonist of Kurt Vonnegut's Mother Night lived in the building. The listing notes that it has been in the same family since 1959, and Curbed notes that author Otis Kidwell Burger bought the building for $30,000 in 1959 with her husband, rented rooms to artists, and hosted weekly poetry salons before her death in 2021. Sadly, that price precludes most artists from moving in, and it's all too likely that it will be turned into a single-family mansion with all the bells and whistles that Landmarks will allow.
Top Sales
The Westbury (CityRealty)
From the Listing:
Without a doubt the most glamorous penthouse on the Upper East Side, this magical residence is an absolute dream for a terrace lover. Boasting over 2,000 square feet of outdoor space with huge north and south facing terraces, and featuring open city and skyline views, the absolute wow factor of the Westbury’s celebrated top floor aerie is not to be underestimated.
The duplex is accessed via a large private elevator landing. Entry is into a double-height gallery that is graced with an absolutely gorgeous marble clad staircase with a cast iron and bronze bannister, a pietra dura marble floor and glimpses of the beautifully planted wrap around terrace. The immense and fabulous wood paneled living room features three glorious and open exposures, as well as boasting a wood burning fireplace that is flanked by French doors onto a huge pastoral south terrace.
Without a doubt the most glamorous penthouse on the Upper East Side, this magical residence is an absolute dream for a terrace lover. Boasting over 2,000 square feet of outdoor space with huge north and south facing terraces, and featuring open city and skyline views, the absolute wow factor of the Westbury’s celebrated top floor aerie is not to be underestimated.
The duplex is accessed via a large private elevator landing. Entry is into a double-height gallery that is graced with an absolutely gorgeous marble clad staircase with a cast iron and bronze bannister, a pietra dura marble floor and glimpses of the beautifully planted wrap around terrace. The immense and fabulous wood paneled living room features three glorious and open exposures, as well as boasting a wood burning fireplace that is flanked by French doors onto a huge pastoral south terrace.
The Benson, #14 (CityRealty)
From the Listing:
5-bedroom, 4.5-bath unit with 3,952 square feet in a new condo called The Benson, designed by Peter Pennoyer. The Benson's facade is comprised of hand-carved Indiana limestone, distinctive mullioned windows, a series of gracious set-back terraces detailed with intricated ironwork to exemplify the building's classic uptown character. The Benson has 15 full-floor and duplex units with direct elevator access to a private landing. Amenities include a concierge, fitness center, half-court basketball, a landscaped rooftop lounge, private cinema, a wood paneled library with an adjoining landscaped garden. There is also a pet spa with a washing station, bicycle storage and private storage available for purchase.
5-bedroom, 4.5-bath unit with 3,952 square feet in a new condo called The Benson, designed by Peter Pennoyer. The Benson's facade is comprised of hand-carved Indiana limestone, distinctive mullioned windows, a series of gracious set-back terraces detailed with intricated ironwork to exemplify the building's classic uptown character. The Benson has 15 full-floor and duplex units with direct elevator access to a private landing. Amenities include a concierge, fitness center, half-court basketball, a landscaped rooftop lounge, private cinema, a wood paneled library with an adjoining landscaped garden. There is also a pet spa with a washing station, bicycle storage and private storage available for purchase.
2 Available Listings for Sale from $17.5M
41 Great Jones Street, #PH (Argo Residential)
From the Listing:
This exquisite Penthouse melds a bespoke collection of striking finishes with soaring ceiling heights, floor to ceiling windows, grand room dimensions including four bedrooms, four bathrooms and one powder room and is the epitome of contemporary chic boutique living. With 12-21 foot soaring ceilings throughout, this 4,550-square-foot penthouse duplex includes a blend or 10-inch wide European oak and heated black granite slab floors, original exposed brick detailing, an architecturally significant iron street-facing balcony, an in-home washer dryer and a private voluminous rear terrace off of the grand kitchen with a Weber gas grill, equally as spectacular terrace with wall of windows and French doors off of the living room plus a private roof deck with luxurious seating, iconic views and private spa.
This exquisite Penthouse melds a bespoke collection of striking finishes with soaring ceiling heights, floor to ceiling windows, grand room dimensions including four bedrooms, four bathrooms and one powder room and is the epitome of contemporary chic boutique living. With 12-21 foot soaring ceilings throughout, this 4,550-square-foot penthouse duplex includes a blend or 10-inch wide European oak and heated black granite slab floors, original exposed brick detailing, an architecturally significant iron street-facing balcony, an in-home washer dryer and a private voluminous rear terrace off of the grand kitchen with a Weber gas grill, equally as spectacular terrace with wall of windows and French doors off of the living room plus a private roof deck with luxurious seating, iconic views and private spa.
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1000 Park Avenue (CityRealty)
1000 Park Avenue, #2A (Warburg Realty)
From the Listing:
An impeccably renovated 5-bedroom, 4.5-bath apartment on the third floor of 1000 Park Avenue. This extraordinary residence designed by Jacques Grange, exudes sophistication and elegance with its meticulous attention to detail, 10-foot ceilings, large windows, natural light and front corner layout. The living room, with a woodburning fireplace and three oversized windows stretched along Park Avenue, the adjacent dining room, which also faces Park Avenue, and the large corner library with a powder room provide gracious light-filled entertaining spaces.
An impeccably renovated 5-bedroom, 4.5-bath apartment on the third floor of 1000 Park Avenue. This extraordinary residence designed by Jacques Grange, exudes sophistication and elegance with its meticulous attention to detail, 10-foot ceilings, large windows, natural light and front corner layout. The living room, with a woodburning fireplace and three oversized windows stretched along Park Avenue, the adjacent dining room, which also faces Park Avenue, and the large corner library with a powder room provide gracious light-filled entertaining spaces.
1 Available Listing for Rent for $30,000/month
The Lucida, #11A (Sotheby's International Realty)
From the Listing:
On a prime Central Park-facing corner, this approximately 3,478-square-foot residence boasts 5 Bedrooms, 5.5 marble Bathrooms, 10-foot. ceilings and solid oak floors. The sophisticated entry gallery with an extra-large Coat Closet leads to the corner, sun-filled nearly-800-square-foot loft-like Great Room with scenic open South, West and North city views through floor-to-ceiling windows. The state-of-art, eat-in kitchen features Rosewood cabinetry, Caesarstone countertops and backsplash, two Sub-Zero refrigerators, Wolf range with an externally-vented hood, Viking wine cooler, and a suite of Miele appliances including dishwasher, oven, and microwave. There is also a separate laundry room with a full-size washer and dryer and generous storage.
On a prime Central Park-facing corner, this approximately 3,478-square-foot residence boasts 5 Bedrooms, 5.5 marble Bathrooms, 10-foot. ceilings and solid oak floors. The sophisticated entry gallery with an extra-large Coat Closet leads to the corner, sun-filled nearly-800-square-foot loft-like Great Room with scenic open South, West and North city views through floor-to-ceiling windows. The state-of-art, eat-in kitchen features Rosewood cabinetry, Caesarstone countertops and backsplash, two Sub-Zero refrigerators, Wolf range with an externally-vented hood, Viking wine cooler, and a suite of Miele appliances including dishwasher, oven, and microwave. There is also a separate laundry room with a full-size washer and dryer and generous storage.
Top Contracts
944 Fifth Avenue (CityRealty)
944 Fifth Avenue, #5 (Douglas Elliman)
From the Listing:
This magnificent full-floor residence offers stunning Central Park views from its big picture windows, not only from the expansive forty two foot living room, but the primary bedroom as well. With their soaring 10-foot ceilings, custom recessed lighting and millwork, both the living and elegant dining rooms are perfect for entertaining. The grand primary suite has a dreamy dressing room, en-suite marble bathrooms including a soaking tub, glass enclosed shower, bidet, mirrored make-up station and separate water closet with sink.
This magnificent full-floor residence offers stunning Central Park views from its big picture windows, not only from the expansive forty two foot living room, but the primary bedroom as well. With their soaring 10-foot ceilings, custom recessed lighting and millwork, both the living and elegant dining rooms are perfect for entertaining. The grand primary suite has a dreamy dressing room, en-suite marble bathrooms including a soaking tub, glass enclosed shower, bidet, mirrored make-up station and separate water closet with sink.
1 Available Listing for Sale for $35M
123 East 61st Street, #TH (Serhant)
From the Listing:
Introducing 123 East 61st Street, the most luxurious new construction townhouse on the Upper East Side. Custom-built with a curated collection of high-end fixtures and finishes, this 6-bedroom, 8.5-bathroom home sets a new standard of modern design and urban grandeur. The 6-story house sits on a 20’ X 100’ lot and features a stunning custom Stucco façade, a commercial-grade elevator with wood-stained panels and imported Spanish tiling, brand new insulated Crystal Window casement windows, beautiful Carlisle engineered wide plank oak floors, a state-of-the-art Lutron home automation system, integrated speakers, imported hidden door hinges, custom lighting, a custom-built spiral staircase with Kelly Wearstler sconces, a finished cellar, multiple laundry rooms, a private backyard with LED sconces, and a tranquil rooftop deck.
Introducing 123 East 61st Street, the most luxurious new construction townhouse on the Upper East Side. Custom-built with a curated collection of high-end fixtures and finishes, this 6-bedroom, 8.5-bathroom home sets a new standard of modern design and urban grandeur. The 6-story house sits on a 20’ X 100’ lot and features a stunning custom Stucco façade, a commercial-grade elevator with wood-stained panels and imported Spanish tiling, brand new insulated Crystal Window casement windows, beautiful Carlisle engineered wide plank oak floors, a state-of-the-art Lutron home automation system, integrated speakers, imported hidden door hinges, custom lighting, a custom-built spiral staircase with Kelly Wearstler sconces, a finished cellar, multiple laundry rooms, a private backyard with LED sconces, and a tranquil rooftop deck.
116 East 65th Street, #TH (The Modlin Group)
From the Listing:
Sitting on one of Manhattan’s most coveted tree-lined streets, this approximately 6,950-square-foot Beaux Arts-style townhouse is spread out over 5 floors and features 5 bedrooms, 4 full bathrooms plus 2 powder rooms. At 20 feet wide and graced with natural light, this sprawling limestone and brick masterpiece features large-scale rooms, soaring ceilings and embodies iconic New York City townhouse living. A stately columned portico ushers you into a proper foyer, anchored by herringbone oak floors and a fireplace with an antique Carrara marble mantelpiece. The sweeping gallery leads to a huge breakfast room that opens onto a 750-square-foot private garden featuring a stunning, mature magnolia tree.
Sitting on one of Manhattan’s most coveted tree-lined streets, this approximately 6,950-square-foot Beaux Arts-style townhouse is spread out over 5 floors and features 5 bedrooms, 4 full bathrooms plus 2 powder rooms. At 20 feet wide and graced with natural light, this sprawling limestone and brick masterpiece features large-scale rooms, soaring ceilings and embodies iconic New York City townhouse living. A stately columned portico ushers you into a proper foyer, anchored by herringbone oak floors and a fireplace with an antique Carrara marble mantelpiece. The sweeping gallery leads to a huge breakfast room that opens onto a 750-square-foot private garden featuring a stunning, mature magnolia tree.
Walker Tower, #17BC (Sotheby's International Realty))
From the Listing:
Residence 17BC at Walker Tower is an exquisite example of the marriage of inspired contemporary design with the bold Art Deco proportions of esteemed architect Ralph Walker. This generously proportioned, nearly 4,000 square foot apartment is entered via a formal gallery, setting an elegant tone for the rest of the 5 bedroom, 5 1/2 bath home. This leads to an expansive living room featuring southern and western exposures and floor-to-ceiling casement windows which literally flood the apartment with sunlight. The adjoining Smallbone kitchen includes marble and limestone countertops, Dornbracht fixtures and full refrigerator, wine cooler and under-counter refrigerator/freezer drawers by Sub-Zero, an induction cooktop, wall oven and warming drawer by Viking, speed oven and built-in coffee maker by Miele and a Franke water filtration system. The apartment features two primary bedroom suites, each with a bespoke marble clad bathroom and walk-in closet.
Residence 17BC at Walker Tower is an exquisite example of the marriage of inspired contemporary design with the bold Art Deco proportions of esteemed architect Ralph Walker. This generously proportioned, nearly 4,000 square foot apartment is entered via a formal gallery, setting an elegant tone for the rest of the 5 bedroom, 5 1/2 bath home. This leads to an expansive living room featuring southern and western exposures and floor-to-ceiling casement windows which literally flood the apartment with sunlight. The adjoining Smallbone kitchen includes marble and limestone countertops, Dornbracht fixtures and full refrigerator, wine cooler and under-counter refrigerator/freezer drawers by Sub-Zero, an induction cooktop, wall oven and warming drawer by Viking, speed oven and built-in coffee maker by Miele and a Franke water filtration system. The apartment features two primary bedroom suites, each with a bespoke marble clad bathroom and walk-in closet.
1 Available Listing for Sale for $9.95M
20 East End Avenue, #TH (Corcoran)
From the Listing:
20 East End Avenue’s stunning three-story townhome custom designed by the world- renowned architect Robert A.M. Stern, blends the luxury of a private home with all the benefits and amenities of a full-service, white-glove building. Spanning a generous 5,250 square feet of interior space and 670 square feet of private, sunny exterior space, this elegant residence features herringbone-patterned, walnut-stained Appalachian white oak floors, custom moldings, oversized casement windows, and a gas fireplace.
20 East End Avenue’s stunning three-story townhome custom designed by the world- renowned architect Robert A.M. Stern, blends the luxury of a private home with all the benefits and amenities of a full-service, white-glove building. Spanning a generous 5,250 square feet of interior space and 670 square feet of private, sunny exterior space, this elegant residence features herringbone-patterned, walnut-stained Appalachian white oak floors, custom moldings, oversized casement windows, and a gas fireplace.
1 Available Listing for Rent for $20,000/month
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