NYC Luxury Real Estate Made A Huge Rebound After Hurricane Sandy

e 70th street townhouse sellsInside the E. 70th Street townhouse that sold for $24.5 million.

Photo: Prudential Douglas Elliman Real Estate

It was no surprise that Hurricane Sandy hurt the luxury real estate market, two weeks ago when most of New York City was with out power.But last week, the market made a strong rebound, with 20 contracts being signed on properties listed at $4 million and above, according to the Olshan Realty report.

Three properties sold for $20 million and above.

The biggest sale of the week was a townhouse on E. 70th Street, which was on the market for just three months. The house sold for $24.5 million. Real estate developer David Edelstein bought the house three years ago for $12.85 million.

The 20-foot-wide townhouse spanned 8,000 square feet and had an elevator.

olshan realty nov.12

Photo: Courtesy of Olshan Realty


DON’T MISS: See Why Buyers Are Going Crazy For The New Gramercy Park Luxury Apartments

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.