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Wexner Townhouse yields highest price.

Wexner Townhouse yields highest price

Luxury Manhattan townhouse sales activity remained steady in the second quarter when 14 homes were sold. However, the average price paid increased significantly, to $2,206,750, or $503.75 a foot, from $1,782,357, or $383.03 a foot, for the 14 homes sold in the previous period. By comparison, during the second quarter of last year 12 townhouses sold at an average price of nearly $2.35 million, or $511.48 a foot.

The unusually high-priced $12 million townhouse sale at 5 East 74th Street did much to boost the second quarter's average selling price. The six-story, 13,050-square-foot mansion was sold by Leslie Wexner, chairman and chief executive officer of The Limited Stores, the national women's retail clothing chains, to the German Government. Wexner paid $5.8 million for the townhouse in April 1985.

Those findings highlighted the Second Quarter 1991 Edition of the Ambrose-Mar Elia Townhouse Report, a survey and analysis of luxury townhouse sales throughout Manhattan. Published by Ambrose-Mar Elia Co., Inc. one of the city's leading real estate brokerage firms specializing in both townhouse, cooperative and condominium apartment sales, the quarterly report provides data on every one- and two-family luxury townhouse sale closed in the period, including purchase price, lot size, square footage and condition of each house sold.

According to the report, townhouse prices during the first quarter ranged from a high of $12 million for the totally renovated East 74th Street landmark to $520,000 for a 1,386square-foot, two-story residence in need of renovation at 330 East 18th Street.

Overall, four townhouses commanded prices of $2 million or higher during the period. In addition to the Wexner property, the 6,000-square-foot townhouse at 57 East 66th Street, which belonged to Andy Warhol and has been on the market since October 1989, sold for $3 million; the 3,760-square-foot townhouse at 14 Sutton Square was purchased for $2.95 million; and the 5,700-square-foot five-story home at 164 East 70th Street was acquired for $2.9 million.

In addition to commanding the highest purchase price of the quarter, the limestone and marble 13,050-square-foot townhouse at 5 East 74th Street also topped the highest price per foot category, at $919.54.

According to Joan Ambrose, a partner of Ambrose-Mar Elia, of the 14 second quarter sales, 13 of the townhouses were located on the east side, one on the west side, and none in Greenwich Village. She notes that her firm will close on a number of Greenwich Village townhouses in the third quarter of 1991.

"The continuing interest in classic, upper eastside townhouses is a sign of renewed confidence in the long-term stability and investment viability of the New York City real estate market," said Ambrose.
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Copyright 1991, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:Manhattan
Publication:Real Estate Weekly
Date:Sep 4, 1991
Previous Article:Public/private join for NYC housing needs.
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