ShowBoats International — May 2017

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

ART

PRODUCTION

CLIENT

SUBS

REPRO OP

VERSION

Property + Opener, 1