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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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