Wealthy buyers are continuing to invest in larger mansions.
What’s the latest, you ask?
A townhouse complex on the Upper West Side, rising to 41.5 feet and boasting a width that aligns with local mansion standards, has gone under contract for an unprecedented $85 million. The final sale price remains undisclosed, but if it hits that figure, it would set a record for the city’s most expensive townhouse sale, according to StreetEasy records. This comes shortly after another significant townhouse transaction downtown.
48-50 W. 69th St., steps from Central Park, spans an impressive 19,600 square feet. The eight-story structure includes 25 rooms and several spacious outdoor entertaining areas. Highlights of the property include a 2,000 square foot primary suite that occupies an entire floor, a wood-burning fireplace, a 55-foot indoor lap pool, a Jacuzzi, and dedicated fitness and yoga spaces.
Clearly, bigger seems to be better.
“There’s this tremendous trophy-level desire for large, beautifully renovated properties,” noted Donna Olshan, president of luxury real estate broker Olshan Realty. According to the company’s weekly report, among 32 deals finalized last week for Manhattan homes priced at $4 million or more, the West 69th Street deal was the priciest. “The wealth at the top is astonishing. High-end real estate, art, luxury cars, and collectibles always attract buyers,” she added.
The property owner acquired two adjoining townhouses on West 69th Street back in 2012 for $24.5 million, merging them into one single-family home. A combination like this, though, didn’t come without challenges. Pierre Bastide, a French businessman, and his jazz singer wife, Marou Beauvoir, reportedly faced backlash from neighbors during the extensive seven-year renovation process, with some even relocating due to the construction disruptions.
The listing agent, Jim St. Andre from Compass, confidently stated, “This marks a record price. It sets a new benchmark for townhouses in the city.”
If the final price aligns with the asking amount, 48-50 W. 69th St. would surpass the $70 million fetched earlier this year for a double-wide townhouse at 105-107 Bank St., which combined two former walk-up buildings into one home of about 13,000 square feet.
“The demand for double-wide properties is really noticeable,” commented Matthew Lesser of Leslie J. Garfield, who listed the Bank Street residence. “We’ve recently secured contracts for several other large properties on the East Side as well.” One notable sale was the “Hunger Club” mansion at 34-36 East 63rd Street, which sold for $46.75 million back in February. Another nearby property was transformed into ultra-luxury apartments and sold for $34.5 million in March.
Just over two years ago, Jen Rubio, co-founder of the luggage brand Away, and Slack’s Stewart Butterfield made waves by buying a double-wide penthouse in the West Village for a record $72.5 million.
In densely populated places, it’s becoming increasingly common for affluent individuals to cluster adjacent townhouses.
“There’s been a notable jump in townhouse sales in Manhattan over the past year, with a 29.9% annual increase recorded, totaling 5,487 square feet,” noted market analyst Jonathan Miller.
Manhattan’s luxury housing market is thriving.
“The trajectory indicates a preference for larger sales, suggesting robust performance in financial markets. Breaking price records is becoming the norm in Manhattan’s real estate landscape as we move out from the pandemic,” Miller added, who directs the Street Matrix real estate analysis platform.
