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20 NYC townhouses sell in second quarter.

The top purchase price for a New York City townhouse was $5 million in the second quarter of 1992, according to the Ambrose-Mar Elia Co., Inc. Townhouse Report.

The five-story, 8,450-square-foot residence is located at 7 East 82nd Street.

"Sales in townhouses increased by 40 percent over the first quarter of 1992", exclaimed Joan Ambrose, partner of Ambrose-Mar Elia Co., Inc. "One specific buying pattern that emerged was that one half of the purchases were over $1.4 million. Most purchases were single-family dwellings bought by Americans for use as their primary home.

"This buyer profile was consistent from the $5 million 8,450-square-foot residence at 73 East 82nd Street to the two-story, $340,000, 1170-square-foot home at 387 Bleeker Street." she continued.

The investment in townhouse properties by foreign governments continues with the least purchase made by the Government of Tunisia at 31 Beekman Place. This 7,500-square- foot residence which was formerly the guest house of the sister of the Shah of Iran sold for $3.75 million.

Jasper Johns increased his holdings on East 63rd Street with the purchase of the 5,600-square-foot totally renovated single- family residence with garage and elevator at number 151. He already owns number 153-155 next door which was previously owned by Gypsy Rose Lee - and unusual 32-foot wide by 95-foot deep home with center courtyard.

Also, on East 63rd Street number 157 sold at auction for $1.68 million. This was one of two properties sustaining significant losses the second quarter from the market high of the late eighties. It was purchased in July of 1988 for $2 million, then magnificently renovated to including the addition of an elevator and central air conditioning. It was originally listed for sale in late 1988 for $5 million. 349 East 84th fetched $1,135,000 on 4/14/89 and sold for $985,000 at a loss of $150,000 on 7/2/92.

Other findings contained in the recently released Ambrose-Mar Elia Report included the following: * Of the 20 sales during the quarter, 12 properties were located on the Eastside, 1 on the Westside and an unusually high number of 7 in Greenwich Village. * Sales on the Eastside hopscotched from Sniffen Court in Murray Hill to 92nd Street in Carnegie Hill and from Fifth to East End Avenue * Three townhouses sold for over $3 million, seven for over $1 million, while 10 sold for under $1 million

Ambrose-Mar Elia specializes in the sale of luxury residences, and has offices in midtown Manhattan and Greenwich Village. Its Townhouse Report is available to all interested parties at no charge by writing or contacting the firm's headquarters at 770 Lexington Avenue in Manhattan.
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Copyright 1992, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:Ambrose-Mar Elia Company Inc. Townhouse Report for New York City; second quarter 1992
Publication:Real Estate Weekly
Date:Sep 16, 1992
Previous Article:IBM, Grubb & Ellis name venture, select officers.
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