Leslie J. Garfield & Co. Reaches over $500M In Active Listings

Posted August 9th, 2017 by Kristina McNerney

An upturn in Manhattan’s luxury housing market values and sales is forecasted by leading real estate agent and townhouse specialist, Leslie J. Garfield & Co., who have seen the value of their properties-for-sale portfolio hit a record $542m worth of listings.

Leslie J. Garfield & Co. revealed that since the start of 2017 the size of the firm’s sales listing has risen by 30% and currently stands at 53 properties, consisting of townhouses, mansions and new development listings.

Jed H. Garfield, Managing Partner at Leslie J. Garfield & Co. says: “There is clearly significant pent-up-demand in the Manhattan luxury residential market. Prior to the Presidential elections there was a 15% drop in listings across Manhattan and a significant slowing in sales deals. However with the election out of the way and the summer market commencing, we have seen a 60% rise in inquiries, 40% year-on-year rise in sales and our listings portfolio has risen by 30%. We are extremely busy at present with individual brokers currently managing between $40m and $179m worth of sales instructions.”

Leslie J Garfield & Co. have just published their "Mid Year Townhouse Report" which reveals that several New York City neighborhoods have already begun to witness improvements. Manhattan’s Upper West Side recorded over $252M worth of sales in 1H2017, a 31% increase from 1H2016. Manhattan’s Upper East Side recorded over $535M worth of sales in 1H2017, a 36% increase from 1H2016. The first half of 2017 also witnessed a number of noteworthy sales including 19 East 64th Street for $79.5M, and 715 Madison Avenue for $61.5M.

Ravi Kantha, Senior Real Estate Adviser at Leslie J. Garfield & Co. said, “After a year of relative uncertainty, and a slowdown in the townhouse market, we are beginning to see increased economic confidence and gains. We strongly believe that this record number of property listings is a real indication that the market is set to experience a significant bounce back as we enter the spring selling season.”

Ravi Kantha added: “With the market gaining some much-needed stability, we are receiving plenty of interest from buyers who are becoming increasingly confident about making large property investments.“

To view all Leslie J. Garfield & Co. listings, please visit https://lesliegarfield.com/properties/new-york.