Corcoran's annual examination of Manhattan’s single- and multi-family townhouse market. This report uses market-wide data based on transactions that closed in 2011 and compares it to closings that took place in 2010.
2011 proved to be another solid year for townhouse sales. There were 201 Manhattan townhouse sales in 2011. Led by a surge of transactions Uptown, there were 106 single-family townhouse sales, a 10% increase compared to 2010.
Single-family townhouse average price increased 3% to $8.15 million. Due to this shift in market share Uptown, single-family median price declined 6% to $5.5 million and average price per square foot declined 5% to $1,546.
Traditional single-family townhouse submarkets like the Upper East Side, Upper West Side and Greenwich Village continue to attract ultra high-net worth purchasers willing to spend eight-figures. In 2011, there were 27 sales over $10 million, eight of which were over $20 million. In 2010, there were 28 sales over $10 million but only four of which were over $20 million.
There were 95 multi-family townhouse closings in 2011, only five sales fewer than 2010. Multi-family sales were down in every submarket except for Downtown, where they increased 26% due to increased demand over $5 million.
Download complete report: Manhattan Townhouse Report
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