T
he luxury real estate market in Manhattan has been thriving post-Labor Day, with a record-breaking week seeing a significant increase in sales. Among the notable transactions was the sale of a five-story townhouse on the Upper East Side, which was once home to an art gallery featuring works by Picasso, Chagall, and Warhol. The property, located at 170 East 80th Street, was listed for $22 million after previously being listed for $39 million since 2015. The former owner, Katie Shin, struggled to keep her business afloat during the pandemic and eventually signed the deed over to her commercial mortgage lender ACRES in 2021 to avoid foreclosure. The property was valued at $34.4 million at the time.
Another notable sale was a penthouse at 170 East End Avenue, which was listed for just under $17 million. The 5,000-square-foot condo boasts five bedrooms, six bathrooms, and 5,000 square feet of outdoor space, including a terrace and rooftop. The building, developed by Skyline Developers, offers amenities such as a concierge, garage, fitness center, squash court, and landscaped courtyard.
Last week, 23 homes in Manhattan priced at $4 million or more entered into contract, including 15 condos, four co-ops, and four townhouses. The total was down from 30 properties in the previous period. The combined asking price was $194 million, which averages to $8.4 million per property and a median of $5.8 million. The typical home spent 402 days on the market and received a 14% discount.
In summary, Manhattan's luxury real estate market is experiencing a surge in sales post-Labor Day, indicating a potential fall frenzy in the market. The sales data suggests that buyers are actively seeking high-end properties, with discounts and longer market times being common. The recent sales include a five-story townhouse on the Upper East Side, which was once home to an art gallery featuring works by Picasso, Chagall, and Warhol, as well as a penthouse at 170 East End Avenue with five bedrooms, six bathrooms, and 5,000 square feet of outdoor space.
