A historic Harlem property destroyed in a fire over 20 years ago and restored as a single-family home, sold this month for a record $5.1 million, Bloomberg reported Friday. The property, a 5,000 square-foot townhouse at 72 Hamilton Terrace, boasts four bedrooms, an 860 bottle wine cellar, five baths, and a private garden. According to Bloomberg, the property (constructed in 1898) was offered in March for $5.495 million, before being relisted with a new brokerage in November for $5.25 million.
Corcoran Group, the real estate firm which sold the property, describes 72 Hamilton as “a true hidden gem in the West Harlem enclave of Hamilton Heights. To the south, the Terrace is anchored by the Hamilton Grange, home of Alexander Hamilton, and to the north, the corner mansion at 72 Hamilton Terrace. Its ornate limestone and terracotta facade, carved emblems, balcony, mansard slate roof, and multiple dormers truly are stunning. The original wrought iron fencing surrounding the home, gardens, and an abundance of windows on three exposures further enhance the property.”
According to a report by The Real Deal last Friday, the house was purchased in 2013 by Hamilton Heights Real Estate LLC for $1.215 million, following the devastating blaze which engulfed the building.
“I felt this house was special enough and it was time that we could cross the $5 million mark,” Tamara Marotta, the Corcoran Group agent who sold the property, said, according to the report. “Of course, downtown, this house would be three times as much.”
In December, a six-story townhouse at 208 Lenox Avenue in Central Harlem sold for $4.6 million, which set a record for Central Harlem property. Rutenberg NYC’s Holly Brittain sold the property which sat vacant for 30 years before Brittain and her husband bought it for $825,000 in 2010.
Real estate speculators have been wondering if the sales numbers for townhouses in NYC are going to start to pick up in 2018. Since 2016, there has been a noticeable drop in townhouse deals.
This area struggled in 2016, with 454 deals valued at $3.1 billion, a decline from 492 deals totaling $4.2 billion in 2015, according to data from the townhouse brokerage Leslie J. Garfield.
Data for 2017 is pointing thus far to a further decline. There were only 100 contracts signed on Manhattan townhouses asking $4 million & up in 2017, a 11 percent drop from 2016, Real Deal reported. The full statistics for town house sales in 2017, have not been fully compiled as of press time.
By Charlie Wolfe