Mansion Global

New York’s Townhouse Market Got Off to a Slow Start This Year

But report suggests a spring bounce is coming

Save

A row of townhouses in the Upper East Side neighborhood of New York

Richard Levine / Getty Images
A row of townhouses in the Upper East Side neighborhood of New York
Richard Levine / Getty Images

New York’s townhouse market got off to a slow start this year, but experts predict a spring bounce is just around the corner.

In its quarterly health check of New York City’s housing market released Wednesday—which covers Manhattan, Park Slope and Brooklyn Heights—brokerage Leslie J. Garfield found that the number of townhouse sales dropped from 101 in the final quarter of last year to 82 in the first three months of this year.

More:Penthouse at The Plaza Hotel Returns to Market at Major Discount, Now Asking $39.75M

The total sales value, meanwhile, tumbled from $857 million to $592 million, while the average sales price was $1.4 million lower at $7.2 million.

Manhattan’s Upper West Side’s townhouse market was the only neighborhood to bounce back this year in all categories, while the rest of the city lagged behind.

The neighborhood had rises across the board, including an increase in the total sales amount to $118.5 million from $62.8 million, while the average sales price rose to $8.5 million from $6.2 million. The number of transactions increased to 14 from 10.


Mansion Global is now on LinkedIn. Join the discussion.

Across Central Park on the Upper East Side, the number of sales was down 36% to 16, while the total value of sales was down by the same amount at $187.8 million.

Nevertheless, the uptown neighborhood still saw three $20 million-plus sales in the first quarter, including 12 East 73rd St. for $41 million and 7 East 76th St. for $33.2 million.

"Looking forward to the spring months, with the election cycle complete, we fully expect the townhouse market to see improved performance," Leslie J. Garfield said in the report.

More:Supermodel Tyra Banks Lists Manhattan Penthouse for $17.5M

"With solid GDP growth and economic stimulus in the offing, the townhouse market should see an uptick as we enter the spring selling season."