I am amazed to see that the most expensive Clinton townhouse conversion sold for only $4,350,000. This double wide house, in need of renovation, at 453-55 West 56 th Street sold for $588/SF. Meanwhile, on a price per square foot basis, the neighborhood record of recent is held by a renovated 20' wide single family at 442 West 44 th Street. It sold back in August of last year for $992/SF.
There are plenty of other examples of low price points in the area. Such bargains include 431 West 44 th Street, which sold late last year for only $1,900,000 or $528/SF. Other 20' wides include 445 West 45 th Street and 457 West 47 th Street which respectively sold for $2,500,000 and $2,670,000. Unfinished townhouses in the area have sold for an low average of $591/SF.
According to Massey Knakal's 3Q11Sales Report, the average price for a Manhattan 1-4 family was almost triple this average at $1,549/SF. Boosting this average are several finished Greenwich Village townhouses which have sold at over $3,000/SF.
Finished townhouses in Chelsea and Lincoln Square, Clinton's neighbors, will trade well into the $1,000s/SF. For example, a renovated 16' wide at 127 West 69 th Street recently traded for $5,100,000 or $1,329/SF. This uptick in pricing is bound to spill into other neighborhoods. I've already seen Chelsea's boundaries pushed into the West 30s. The Upper West Side will creep down as well.
While pricing can drop off by more than half within 20 blocks currently, it is hard to believe that this value delta will continue for long, as the Clinton area continues to attract new, great restaurants and top-notch amenities. Smart buyers should take a hard look at the neighborhood. The value proposition is tremendous!
In short, buy townhouses in Clinton! You won't regret it!
My associate Chris Brodhead is currently handling a renovated 25' wide three family at 412-14 West 47 th Street. At $3,300,000 or $617/SF, it's definitely worth consideration.