$25M townhouse, duplex in Jackie O co-op snag Manhattan’s top contracts

A renovated townhouse at 228 West 11th Street topped Manhattan’s list of priciest homes to enter into contract last week.

The four-story, 25-foot-wide house asked $25 million when it was listed in the middle of May, according to Olshan Realty’s weekly report on residential properties in Manhattan asking $4 million or above.

It has nearly 6,500 square feet including six bedrooms, five bathrooms and two offices. Its outdoor space totals 2,500 square feet, including a garden with a gazebo and a hot tub.

The house does not have an elevator but it does have low real estate taxes — $36,162 per annum. (Relative to market value, rental buildings in New York pay far more taxes, which is why the industry is suing the city and state.)

The second priciest home to enter into contract was a duplex, 2/3C, at James T Lee’s 740 Park Avenue, asking $13.9 million, reduced from $19.5 million when it was listed two years ago. The co-op unit has five bedrooms and six and a half bathrooms, along with two fireplaces and 11-foot ceilings.

Lee, a turn-of-the-century developer, built 740 Park Avenue, lived there and gave one of its units to his daughter Janet and her husband John V. Bouvier. You might have heard of their daughter, Jackie, who lived there from age 2 to 7.

Unlike some old, elegant co-ops, it has a fitness center and storage. Like some old, elegant co-ops, it has a bunch of rules. Two are that the building does not allow financing, and major renovating can only be conducted between May 15 and Sept. 15.

Overall, 19 Manhattan homes priced at $4 million or more found buyers this week, a typical number for the week of July Fourth. The 10-year average of contracts signed in that week is 18. This year, 11 of the contracts were for condos, six were for co-ops and two were for townhouses.

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In the previous week, 26 luxury Manhattan homes found buyers following a couple of down weeks.

The combined asking price for the homes was $143 million, with a median of $6.595 million. The units spent an average of 358 days on the market, with an average discount from original to last asking price of 6 percent.