Q #$% TOWNHOUSE · Brooklyn as Park Slope and Brooklyn Heights combined for 42 sales across three...
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$505.7M 89 TOWNHOUSE MARKET SNAPSHOT Q3: JUL-SEPT 2016 Q3 2016 leslie j. garfield TOWNHOUSE quarterly review insights from new york's premier broker for townhouses and small buildings $1,165 $5.7M Avg. Sales Price Avg. Price/Sq.ft No Of Transactions Q3 Total Sales RIGHT: New block record set for price per square foot in Brooklyn Heights— 24 Schermerhorn Street Brooklyn heats up in the summer months as fall approaches The third quarter proved to be the summer of Brooklyn as Park Slope and Brooklyn Heights combined for 42 sales across three months. The 42 sales in these two areas contributed to nearly half of all total sales of NYC townhouses for the third quarter. The high number of sales continues to demonstrate the drawing power of Brooklyn townhouses for buyers in the New York area. For Sellers—The summer months as expected produced fewer than average sales of $10M+ townhouses. We expect to see an uptick as the fourth quarter begins. For Buyers—The highest priced sale was 278 West 11th Street, a 25-foot wide, single family townhouse which sold for $27.5 million and $5,589/ft. Looking Forward - Election years tend to generate market conditions inconsistent with the norm. The current landscape shows mid- market homes continue to flourish while the luxury market is beginning to show signs of rejuvenation.
Transcript of Q #$% TOWNHOUSE · Brooklyn as Park Slope and Brooklyn Heights combined for 42 sales across three...
$505.7M 89
TOWNHOUSE MARKET SNAPSHOT Q3: JUL-SEPT 2016
Q3 2016leslie j. garfield
TOWNHOUSEquarterly review
insights from new york's premier broker for townhouses and small buildings
$1,165$5.7MAvg. Sales Price Avg. Price/Sq.ft No Of TransactionsQ3 Total Sales
RIGHT: New block record set for price per square foot in
Brooklyn Heights— 24 Schermerhorn Street
Brooklyn heats up in the summer months as fall approaches The third quarter proved to be the summer of Brooklyn as Park Slope and Brooklyn Heights combined for 42 sales across three months. The 42 sales in these two areas contributed to nearly half of all total sales of NYC townhouses for the third quarter. The high number of sales continues to demonstrate the drawing power of Brooklyn townhouses for buyers in the New York area.
For Sellers—The summer months as expected produced fewer than average sales of $10M+ townhouses. We expect to see an uptick as the fourth quarter begins.
For Buyers—The highest priced sale was 278 West 11th Street, a 25-foot wide, single family townhouse which sold for $27.5 million and $5,589/ft.
Looking Forward - Election years tend to generate market conditions inconsistent with the norm. The current landscape shows mid-market homes continue to flourish while the luxury market is beginning to show signs of rejuvenation.
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leslie j. garfield townhouse quarterly review
Third Quarter Review—Transactions rise: Park Slope& Brooklyn Heights lead the charge
NOTABLE SALES
“Real Estate cannot be lost or stolen,nor can it be caried away. Purchased with common sense, paid in full, and managed with reasonable care, it is about the safest investment in the world”
Size: 5950 sq/ft
PPSF: $1,681
Location: Upper West
Size: 5000 sq/ft
PPSF: $2,300
Location: East Village
$10m
337 West 87th Street
$27.5m
278 West 11th Street3 East 3rd Street
$11.5m
82.6%increase in transactions inQ3 2016 compared to Q3 2015
Q3 2016
42 sales
Q3 2015
23 sales
— Franklin D. Roosevelt
Size: 4980 sq/ft
PPSF: $5,589
Location: West Village
STEADY GROWTH
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july - september 2016
ASSET PERFORMANCE RANKING
NYC Townhomes Classic cars Fine Art Wine Diamonds WatchesCeramicsYachts
+16% +15% +12% +5%+10% +7% -7%+32%
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PRIME TOWNHOUSE NEIGHBORHOODS
Upper East Side
$1,797 $7.8MAVG. SQ/FT AVG. SALES PRICE
Upper West Side
$1,224 $6.9MAVG. SQ/FT AVG. SALES PRICE
Midtown East
$1,616 $5.7MAVG. SQ/FT AVG. SALES PRICE
Gramercy
$1,024 $7.7MAVG. SQ/FT AVG. SALES PRICE
Chelsea
$1,457 $9.9MAVG. SQ/FT AVG. SALES PRICE
Central Village
$1,175 $13.2MAVG. SQ/FT AVG. SALES PRICE
Greenwich Village/West Village
$3,384 $13.5MAVG. SQ/FT AVG. SALES PRICE
East Village
$1,186 $6.9MAVG. SQ/FT AVG. SALES PRICE
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Brooklyn Heights
$1,368 $5.4MAVG. SQ/FT AVG. SALES PRICE
Park Slope
$1,007 $2.7MAVG. SQ/FT AVG. SALES PRICE
Central Harlem
$763 $3.4MAVG. SQ/FT AVG. SALES PRICE
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About Leslie J. Garfield
212.371.8200
Get in Touch
Jed Garfield Lydia Rosengarten Francis O'Shea Caylyn SullivanTom WexlerUpper East Side
Matthew Lesser Chelsea, Gramercy & Central Village
Matthew Pravda Christopher Riccio Greenwich / West Village
Richard Pretsfelder Upper West Side
Dane Hope Midtown East & West
Ravi Kantha Brooklyn Heights & East Village
Alex Yoel Central Harlem & Park Slope
If you would like a complimentary property valuation or any further market information, please contact us at:
505 Park Avenue, Suite 303,New York, ny 10022tel +1.212.371.8200 fax [email protected]
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At Garfield, we believe that every townhouse and small building is unique. Selling such a substantial asset requires a team that truly understands real estate in New York City, knows your neighborhood, and has even sold property on your block.
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