ShowBoats International — May 2017

(Grace) #1
EDITED BY Sophia Wilson MAY 2017

PROPERTY


LUXE LIVING IN THE UPPER EAST SIDE & THREE OF THE BEST NEW YORK HOMES


A bite of the apple


If you want a slice of one of New York’s
most affluent neighborhoods, now
may be the perfect time to invest,
says Francesca Steele

t was Central
Park, completed
in 1873, which in
part spurred the
creation of New York’s Upper
East Side as Manhattan’s affluent
homeowners decided to abandon
larger mansions in favor of
spectacular views. Toward the
end of the 19th century, rows of
townhouses sprang up between
Fifth Avenue and 96th Street.
Madison Avenue boutiques
and the cultural frisson offered
by nearby museums certainly
haven’t hurt its high-end
reputation or the local property
prices, which are among the
highest per square foot in
the world.
But now could be the time
to bag a chic brownstone at a
decent price. Real estate agents
say that prices have fallen in
Manhattan’s luxury market due
to the residual effects of “pre-
election jitters”. A growing lack
of inventory has created
a lethargic market that is waiting
to see what happens. “Upper
East Side co-operatives, once
the cornerstone of the luxury
market, have become the
‘value buy’ relative to the more
recently coveted condominiums
downtown,” says Kirk Henckels,
vice chairman of Stribling
& Associates of New York.
Louise Beit, associate broker
at Sotheby’s International
Realty, agrees that “important
properties can be purchased
at realistic prices.”

I


FIND YOUR
CITY PAD
boatinternational.
com/urban-
homes

PHOTOGRAPH: GETTY IMAGES

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Property + Opener, 1
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