Why are so many townhouses for sale on this prime Manhattan block?

Real Estate Berita

 Why are so many townhouses for sale on this prime Manhattan block?
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The West 11th Street stretch of the storied Gold Coast has a number of townhouses for sale in the $10 to $20 million range — and for a variety of reasons.

This storied Manhattan block is known for its stately townhouses -- a number of which are for sale.In 2017, the quaint West Village block between Fifth and Sixth Avenues — in a tony area long known as the Gold Coast — had no townhouses for sale. Currently, seven are on the market, according to StreetEasy data provided to The Post.The block is home to 18 W. 11th St., which has been on and off the market in recent years.

Manhattan’s townhouses are hardly aimed toward the typical buyer. Overall, prices of the West 11th Street townhouses currently listed are in the $10 million to $20 million range. A similar phenomenon is occurring in Park Slope, Brooklyn, with a cluster of nine townhouses currently on the market. The priciest —for the prime neighborhood if it sells for its asking price, $18 million, according to the Wall Street Journal.

“That is a unique piece of real estate – that’s how you justify even a $72 million price tag,” said Matthew Pravda, a senior real estate advisor at the brokerage Leslie J. Garfield, which specializes in townhouses. He wasn’t involved in that deal.A recent market analysis by the company showed that, of 25 townhouses with West 11th Street addresses that were sold or listed since early 2022, nine were in poor condition. One of those, 230 W. 11th St.

The infamous Weather Underground house at 18 W. 11th St. — a blip in the landmarked neighborhood, with its angled front —The $10 million property, in the classic Greek Revival style, has been on the market for more than two years.

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