January 18, 2019
The Upper East Side’s loss is Downtown’s gain. Stribling & Associates’ report on the townhouse market in the second half of 2018 showed a 48% year-over-year sales decline for the Upper East Side, while Lower Manhattan saw a 44% Y-O-Y increase.
“The townhouse market in Manhattan continued to struggle in the second half of 2018,” said Stribling’s Garrett Derderian. “Each market, with the exception of Downtown Manhattan, saw a reduction in sales over the same period last year.”
Even as the Upper East Side saw fewer sales, pricing made a sizable leap. The average sales price on a townhouse in the submarket ballooned 59% to $13,437,900, while the median sales price grew 9% to $9 million.
The increases resulted from a pair of high-priced sales above $30 million, according to Stribling. The same period last year saw no sales exceeding $20 million on the Upper East Side.
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