TOWN Residential Continues to Lead the Industry with Record Transactions and Full Transparency

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TOWN Residential

Oct 06, 2015, 03:00 ET


New York, New York (PRWEB) October 06, 2015 -- TOWN Residential, New York’s preeminent luxury real estate services firm, is leading the industry while continuing a commitment to transparency by sharing what many consider highly proprietary data. The firm closed out the third quarter of 2015 with a reported $2.034 billion in total sales and leasing volume – surpassing 2014 record totals in just 9 months and marking a 34% boost over the same time last year.

As of September 30, 2015, the firm completed 887 sales transaction sides, a 14% increase over the same time last year, and 2,579 leasing transaction sides with an average price of $1,980,772 and $4,694 respectively. The data reflects New York City business only.

Among the completed are several notable transactions:

  • Through the third quarter, TOWN Residential has successfully transacted 60 properties over $5 million, with 10 of that total exceeding $10 million and 8 of that total surpassing $20 million.
  • Included in the quarter’s top three sales transactions: 123 Mulberry $15.8M, 435 E 52nd St $11.9M, 449 W 24th St $8.95M.
  • The firm completed several notable and record breaking Brooklyn transactions, including: $5.02M at 16 South Portland Avenue, Fort Greene (Jennifer Regen represented the buyer); the $3.4M sale of 9 Prospect West which marked the highest price for a C-Line within the building (Aeen Avini/Sean Hughes represented the buyer); $2.516M sale at 582 Second Street in Park Slope became the highest price/sf for a Brooklyn walk-up (Eric Sidman represented the seller); plus the $2.795M investor purchase of 687 President Street in Park Slope and subsequent securing of a $9,250/month tenant (Jimmy Johnson and Tuck Gaisford represented the buyer and secured the tenant).
  • Within the three quarters, TOWN Residential completed 58 rental transactions over $20,000/month, with 24 of that total exceeding $30,000/month.

TOWN Residential is currently representing $818,981,400 in sales exclusives which is made up of 289 listings with an average price of $2,782,804; as well as 280 of the city’s top luxury rental exclusives boasting an average price of $6,374/month.

TOWN has cemented its position as a prominent player within both the sales and leasing new development, and commercial arenas as well. Highlights of the third quarter included:

TOWN New Development

  • In August, Ginger Brokaw, Jason Karadus and TOWN New Development announced the closing of the two penthouse residences at The Charles, located at 1355 First Avenue, for a record-breaking $58.635 million, combined. Penthouse One, a quadruplex, closed for $37.94 million, shattering records as the highest price ever achieved for a residence east of Third Avenue on the Upper East Side. Penthouse Two, a duplex, closed for $20.695 million. Prices per square foot on both units were also among the highest ever recorded in the neighborhood east of Third Avenue.
  • TOWN New Development will soon be launching Brooklyn’s 280 St. Marks Avenue in Prospect Heights; a high profile condo project on the northwest corner of Central Park at 285 West 110th Street; the exquisite three and four bedroom corner loft residences of 52 Wooster; and 212 Fifth Avenue, a conversion of a prewar masterpiece that will undoubtedly become Downtown’s most coveted address. Overlooking Madison Square Park, 212 Fifth Avenue will offer 48 condominium residences, in a mix of two- to four-bedrooms, plus a triplex penthouse.

TOWN Marketing and Leasing

  • August marked the launch of Allen House, 201 East 71st Street, an exclusive boutique luxury condo quality conversion represented by Karen Stone. Each detail throughout the 4 story building has been meticulously crafted with a bespoke approach to create the ultimate high quality residence and experience for discerning tenants and tastemakers who appreciate the privacy of a boutique building paired with the design quality and aesthetic of a larger scale new development. The Allen House, which was more than 70% leased within less than 45 days, features loft through 4 bedroom homes with some offering private roof decks. Among the leased units was a 4 bedroom/4 bath for more than $20,000/month.
  • In August, the division celebrated the opening of 172 Montague Street, the first ground up new development rental high rise to come to market in Brooklyn Heights since 1999. Surpassing 60% leasing in the first 6 weeks alone, 172 Montague is a 19 story/62 unit building that offers a new level of luxury with unmatched amenities; the finest finishes throughout all public areas and apartments; and picturesque skyline views stretching throughout Manhattan and Brooklyn.
  • In the white-hot Financial District, the division successfully leased over 250 fully renovated units in the luxury 20 Exchange. The loft, 1 bedroom, 1 bedroom+ study, 2 bedroom, 2 bedroom+ study and 3 bedrooms feature 11 foot ceilings, modern kitchens with state-of-the-art stainless steel appliances and custom European cabinets, elegantly appointed baths with marble floors, contemporary tiling, and custom sinks and vanities.

TOWN Commercial

  • Aaron Mazor of TOWN Residential and Jonathan Butwin and Scott Dweck of TOWN Commercial represented both the seller and the buyers in the $28 million purchase of 78 Prospect Park West, a seven-story 41,113 SF multifamily elevator building.
  • In July, the division closed a 10 year retail lease at the transformed Park Central Hotel, located at 870 Seventh Avenue. Lori Shabtai represented the tenant, AFEX. The new boutique-style 1,020 sf space will be AFEX’s first Manhattan retail location.
  • Mark David Fromm, Brandon Gibson, and Matthew Steer announced the August closing of 257-263 Washington Avenue, Brooklyn. The $8,800,000 closing price marks the largest sale this year in Clinton Hill.

The firm concluded 2014 with more than $1.86 billion in total sales and leasing volume – a 15.6% boost over 2013. In New York City alone, TOWN Residential completed 1,148 sales transaction sides and 3,775 leasing transaction sides. Among the completed 2014 transactions were several market records including the listing and leasing of New York’s most expensive rental property; the highest pure price point for a penthouse condominium east of Third Avenue; and the record for the pure price point of a townhouse in prime Brooklyn neighborhood.

The significant sales and leasing growth has been matched by innovative initiatives and transformative relationships.

  • In September, the firm introduced the inaugural issue of My Town, a first-of-its-kind lifestyle magazine that provides an insider’s view of New York City. TOWN Residential founder and CEO Andrew Heiberger, Brooklyn-born creative guru David Lipman, and the editorial team of The Daily Front Row collaborated in the creation of a new style of luxury magazine, the perfect expression of TOWN Residential’s best in class commitment. Beginning with the cover and feature story of international super-model Candice Swanepoel by legendary fashion photographer Sante D'Orazio, readers experience nearly 200 pages of comprehensive editorial coverage and visually stunning images of people, trends and moments that define our town.
  • Andrew Heiberger, Shlomi Reuveni, Ari LeFauve, Hannah Han and George Cheng joined the industry’s finest for The Real Deal’s US Real Estate Showcase and Forum in Shanghai. Held from September 10-12, 2015, more than 4,000 guests – including the broad Chinese real estate community, as well as private wealth managers, high-net-worth individuals, executives and clients from major financial institutions – attended making it the largest-ever U.S. real estate forum in China.
  • Also in September, TOWN Residential announced a first of its kind exclusive partnership with FloorplanGRP to introduce VIRTUAL OPEN HOUSE, a three dimensional description of a space that cannot be conveyed through traditional photography or floor plans alone. The immersive technology provides potential buyers or renters with the opportunity to experience a realistic in-person walk-through from anywhere in the world.

Earlier in the year:

  • In an unprecedented collaboration, TOWN Residential and South Florida’s pre-eminent Fortune International Group joined forces in February 2015 to create the largest and most powerful New York/Miami alliance. Through a shared marketing, communications and social media platform plus integration of databases and websites, the firms engage in genuine, real time connectivity creating unequalled access to local knowledge and expertise while elevating the benefits to the constituency of sellers, purchasers, developers, and agents of each firm. A testament to the success of the relationship, the firm reported $100 million in business in process within the first three months.
  • In March 2015, TOWN Residential announced another first of its kind partnership with the industry leading data provider UrbanDigs to provide the firm’s Representatives with the most comprehensive real time market information available.
  • Also in March, the firm launched the My Town branding campaign which included a series of highly stylized portraits shot by creative guru David Lipman. Set to the tagline “My Town. Our Neighborhood. Your Home.” the campaign features TOWN Representatives within the neighborhoods where they live, play and work. To date, the print campaign has been placed in more than 20 far-reaching venues. Accompanying the print campaign, the firm launched the newly envisioned website, http://www.townresidential.com, which incorporated the new TOWN Residential logo, refinement of the company’s type-face, color palette and visual identity.
  • The firm introduced the next phase of the acclaimed campaign – 57 cinematically stunning videos featuring candid interviews with the firm’s leadership and Representatives. The individual videos and the My Town brand video – which share insights on the role of the agent, emotions experienced when working with a client, and favorite New York moments - are set against the iconic New York City skyline and to custom-created music.
  • Through TOWN Experience, a dynamic first of its kind initiative that brings the brand into real time, the firm has sponsored and participated in cutting edge events including: Dan’s Harvest East End, The Armory Show, Frieze New York and the Collective Design fair; all-star founders dinner with former President Bill Clinton; top industry insider events; sponsorship of Hudson Union Society; Taste of Two Forks; Grill Hampton; the wildly successful star-studded Throne Boxing; among many others.

About TOWN Residential: TOWN Residential is New York’s leading luxury real estate services firm. Founded in 2010, TOWN Residential was created by CEO and co-chairman Andrew Heiberger and is co-chaired by Joseph Sitt. An integral part of the New York real estate landscape, TOWN has a team that exceeds 650 licensed professionals and staff in nine neighborhood offices: TOWN Greenwich Village, at 530 LaGuardia Place; TOWN SoHo, an 1886 landmarked corner storefront at 337 West Broadway; TOWN 79th Street, a corner storefront at 239 East 79th Street on the Upper East Side; TOWN West Village, a trophy office at 446 West 14th Street; TOWN Astor Place, a block-storefront space overlooking historic Astor Place in the Gwathmey Siegel-designed Sculpture for Living at 26 Astor Place; TOWN Fifth Avenue, located in the prestigious Crown Building at 730 Fifth Avenue at 57th Street; TOWN Flatiron, located at 110 Fifth Avenue and 16th Street; TOWN Greenwich Street, nestled in the heart of the Financial District at 88 Greenwich Street; and TOWN Gramercy Park at historic 33 Irving Place. For more information about these offices and TOWN Residential, visit http://www.townresidential.com.

Lori Levin, TOWN Residential, http://townrealestate.com, +1 917-439-2243, [email protected]