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

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Firm concludes first quarter with over $560 million in total sales and leasing volume – a 32% increase over the same period last year.

We are currently experiencing brisk volume as sellers adjust their pricing expectations and buyers seek value.

TOWN Residential, New York’s preeminent luxury real estate services firm, is leading the industry while continuing a commitment of transparency by sharing what many consider highly proprietary data. Through the end of the first quarter, the firm will have successfully transacted more than $560 million in total sales and leasing volume – marking a 32% boost over the same time last year.

As of March 29, 2016, the firm completed 251 sales transaction sides, a nearly 18% increase over the same time last year; and 566 leasing transaction sides. The data reflects New York City business only.

Among the completed are several notable transactions:

  •     TOWN Residential successfully transacted 21 properties over $5 million, with 5 exceeding $10 million and 2 surpassing $20 million
  •     In the first quarter, TOWN Residential completed 40 rental transactions over $10,000/month, with 17 of those transactions exceeding $15,000/month

"While a 32% increase over last year is extremely impressive, we must not forget that New York City and the real estate market were in a deep freeze both literally and figuratively during this same period in 2015," said Andrew Heiberger, Founder and CEO, TOWN Residential. "With that said, we are currently experiencing brisk volume as sellers adjust their pricing expectations and buyers seek value."

The firm represented $666,592,043 in new sales exclusives during the quarter which was made up of 205 listings – a 47% increase in exclusive inventory over the same period last year – with an average of price of $3,251,668. The firm also listed 558 of the city’s top luxury rental exclusives – 37% increase over the same period last year – boasting an average price of $7,024/month.

With design-forward and record breaking projects among their many credits, TOWN New Development is considered by the City’s leading developers as the prime high-end sales and marketing partner. The team, under the leadership of real estate veteran Shlomi Reuveni, is expertly leading the sales and marketing efforts for 212 Fifth Avenue, a conversion of a prewar masterpiece that will undoubtedly become Downtown’s most coveted address; Brooklyn’s 280 Saint Marks Avenue which achieved over 70% sold in the first few months; 52 Wooster a boutique luxury condo project in Soho; and Circa, Upper West Side's most stunning new addition designed by FXFowle.

TOWN New Development’s upcoming projects include the anticipated approximately 70 story 520 Fifth Avenue; two high profile Upper West Side projects that will total an estimated 50 prime homes; 126 unit corner project at 300 West 122nd Street; new estimated 60 story 303 East 44th Street; a large scale 49 story condo tower in East 40s; six private residential homes perched atop the new EVEN Hotel on E44 Street; and newly constructed boutique condominiums on East 81 Street on the Upper East Side and in Brooklyn at 159 Thompkins, as well as a large prewar conversion project in a most coveted location in Brooklyn.

Town Marketing & Leasing has over 2,000 apartments in active lease-up, maintenance and consulting. The group recently achieved the highest rental price per square foot in a non-doorman building above 59th Street at the fully leased Allen House; leased 172 Montague in just 90 days; in just over 7 months successfully leased over 96% of 20 Exchange's new 221 unit inventory.

TOWN Commercial has successfully completed transactions in office leasing, retail leasing and investment sales – expertly representing tenants, landlords, buyers and sellers alike. TOWN Commercial is currently representing $70 million of Investment Sales exclusives, as well as two new retail leasing exclusives on behalf of prominent New York City landlords. The group concluded 2015 with more than $160 million in investment sale transactions.

In 2015, TOWN Residential successfully transacted more than $2.7 billion in total sales and leasing volume – surpassing 2014 record totals and marking a more than 30% boost over the same time last year. Within the year, the firm completed over 1,150 sales transaction sides, and over 3,200 leasing transaction sides with an average price of approximately $2,000,000 and $5,000 respectively.

Among the many achievements in 2015:

  •     10 transactions surpassing $20 million – including a recent $54.75M transaction
  •     Citywide records and Manhattan’s highest third-quarter sale with the $37.9 million penthouse closing at The Charles
  •     TOWN Residential took the number three ranking among Manhattan’s rental elite as ranked by The Real Deal
  •     The Real Deal ranked the firm six city-wide for total Manhattan listings, total dollar volume of Manhattan listings, median listing price, average listings per agent; and number four for the number of Manhattan agents with a $10M listing or higher.

The firm’s growth has been strategic and exciting. Among the five year highlights:

  •     More than $8.5 billion in total sales and leasing volume
  •     Over 15,750 transactions made up of more than 3,800 sales and nearly 12,000 rentals
  •     Successful sale of 50 trophy penthouses
  •     Sale of more than 175 townhouses – with over 80 in Brooklyn alone
  •     In 2011 the firm was made up of 99 Representatives and professionals; 167 in 2012; TOWN topped 300 in 2013; surpassed 500 in 2014; and today TOWN is 633 strong – the fifth largest in New York City.

About TOWN Residential -
Founded in 2010, TOWN Residential has cemented its position as New York’s foremost luxury real estate services firm with an exhilarating foundation and seamless execution of best-in-class customer service by an unparalleled team of more than 550 Representatives and professionals strategically located in seven prime offices. TOWN Residential specializes in luxury residential sales; leasing; the marketing, sales and leasing of property developments; commercial and retail.

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Lori Levin
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