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TOWN Residential closes year with $3.6B in deals

TOWN Residential announced that, through the end of 2016, the firm successfully transacted more than $3.6 billion in total residential and commercial sales and leasing volume.

This total is comprised of 951 sales transaction sides and 2,766 leasing transaction sides. Since inception, the firm has successfully completed more than 19,000 transactions totaling over $11 billion in residential and commercial sales and leasing volume.

Throughout the year, the firm transacted 44 properties over $5 million, with 12 of those transactions exceeding $10 million and two exceeding $20 million; while also completing 84 rental transactions over $10,000/month, with 15 of those transactions exceeding $15,000/month, and 22 surpassing $20,000/month.

TOWN Residential is currently representing 146 active sales exclusives and an additional 154 sales listings in contract totaling more than $1.1 billion; as well as 212 of the city’s luxury rental exclusives.

212 Fifth

212 Fifth

TOWN New Development’s portfolio includes 212 Fifth Avenue, a conversion with residences that sold from $4,100,000 to over $28,000,000 during the construction and pre-development phase; Brooklyn’s newly launched 159 Thompkins with an average asking price of $861,000, and 280 Saint Marks Avenue, which achieved a full sell out in just ten months; as well as the 50 percent sold 52 Wooster, a boutique luxury condo project in Soho with a blended price per square foot of $2,991; the Lower East Side’s 204 Forsyth where the contract signing of the $8.5 million penthouse broke neighborhood records; and Circa, Upper West Side’s new addition designed by FXFowle with an average price per square foot of $2,280.

Town Marketing & Leasing has over 2,000 apartments in active lease-up, maintenance and consulting. In just over seven7 months, the team leased over 96 percent of 20 Exchange’s new 221-unit inventory with an average price per square foot of $67; achieved the highest rental price per square foot in a non-doorman building above 59th Street at the fully leased Allen House; leased 172 Montague in just 90 days at an average of $70 per square foot.

TOWN Commercial has successfully completed transactions in office leasing, retail leasing and investment sales – representing tenants, landlords, buyers and sellers alike.

In less than 24 months, the team has  closed approximately $1.5 billion in deal volume with the successful closing of the estimated 32,000-square-foot fourth floor of the newly constructed One SoHo Square, located at 223 Spring Street/161 Avenue of the Americas among the recent activity.

The highlights of just the past 24 months include:

•In Brooklyn, more than 700 sales transactions valued in excess of $930,000,000 and 1,245 leasing transactions. In winter 2017, TOWN Residential will open prime Brooklyn Heights, Williamsburg and Kaufman Astoria Studios locations. Each location will initially accommodate a dedicated sales and leasing manager and up to twenty local experts handpicked from both within the firm and the industry.

•TOWN Residential transitioned to OLR – a business-to-business broker tool – as the back-end data source for Townhouse, the firm’s proprietary listing system. OLR includes RLS, Open Listing and building information.

•TOWN Residential and the pre-eminent Fortune International Group joined forces to create a New York/Miami alliance. This strategic alliance creates a network of more than 1,500 associates in New York City and Miami as well as Sao Paulo, Brazil; Buenos Aries, Argentina; Punta del Este, Uruguay; and Mexico City, Mexico. During the recent Art Basel, TOWN and Fortune collaborated in creating more than 20 experiences including tours of new developments and luxury homes.

•TOWN Residential formed a strategic partnership with the data provider UrbanDigs to provide the firm’s representatives with the most comprehensive real time market information available. Simultaneously, under the direction of the firm’s Research Manager, TOWN produces a collection of market reports that are based on credible data and clear-cut methodology.

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