With the passing of the holiday season and the election process coming full circle, a sense of normalcy may be returning to the real estate world. Transactions on the Upper East Side in particular may be shedding light on where the market could be heading moving into the spring. We sat down with LJG Managing Partner Jed Garfield to discuss his thoughts on two particular transactions and their impact on the market.

JZ: Could there be a ray of sunshine in the mansion market?

JG: 12 East 73rd street transferred this week to the tune of $41,000,000. Is this good news? Perhaps. Rumors persist it was purchased by the Emir of Qatar, who owns the adjoining properties on 72nd street.

JZ: Do you see this sale as a positive sign for other properties still on the market?

JG: Despite this purchase, fourteen additional mansions on the Upper East Side remain on the market with asking prices in excess of $25,000,000. Will there be a Trump surge? Unlikely.

JZ: The Wildenstein mansion at 19 East 64th Street is reportedly under contract for $81,000,000. Do you consider this another mega mansion sale?

JG: I don't believe so. The property itself is actually a commercial property and will likely continue to be used as such. A return to the "Gilded Age" should more likely be categorized as the continuation of the "Sino Age", as the sale represents the continuing trend of overseas investors acquiring NYC assets (in the same vein as the purchase of the Waldorf Astoria). Stay tuned.

Looking to contact Jed Garfield regarding all things related to the Upper East Side? Please visit https://lesliegarfield.com/agents/garfield/jed-gar... for more information.