TikTok has been buzzing about the lines around the block for frozen yogurt at Madison Fare, located on the corner of 88th Street and Madison Avenue. The Upper East Side has had a buttoned-up reputation for decades, but this lighthearted anecdote is seen by some as a telling sign that a change is afoot.
Lisa K. Lippman, the top broker at Brown Harris Stevens for the past nine years straight, says the neighborhood is seeing a surge of second-generation wealth returning to the neighborhood.
Agents have noted buyers who grew up on these iconic UES avenues, but moved downtown in their 20s and 30s, are now coming back with families of their own. They are drawn to the elite schools and true neighborhood feel, she says, resulting in a wave of luxury real estate activity that’s keeping pace with $4 million-plus contracts downtown.
@cierramillerr The best froyo I’ve ever had 🍦 #dubaichocolate #frozenyogurt #froyo #madisonfare #nyc #nycfood #dubaipistachiochocolatebar ♬ Love Letter – Cavendish Music
“This is based on the data and what I see from showing my listings, hearing from others and walking around the neighborhood,” says Lippman, who has 27 years of experience in real estate. She has seen a wave of new contracts.
“A great example — I represent the sponsor in their last five listings at 180 E. 88th Street, a luxury boutique condo. I took over the building three months ago with three very large apartments asking over $12 million and I have already put all three into contract.”
Two of the listings she’s referring to are Penthouse No. 46 and Penthouse No. 44 in the coveted Carnegie Hill building, located between Third and Lexington Avenues. The penthouses were asking $13.95 million and $13.85 million, respectively.
Both penthouses offer 4,000 square feet with 14-foot ceilings and views of Central Park, the Skyline, the East River and more through oversized Albertini Italian tilt-and-turn windows. They both boast corner living room faces west over Central Park, and south with views of the entire Midtown skyline.
She also sold Penthouse No. 38W back in April for $12.65 million. The 3,800-square-foot duplex offers the same sweeping views through nine-foot framed windows in all directions. The four-bedroom apartment enjoys ceiling heights ranging from 14 to 28 feet, as well as a library, a large eat-in kitchen and a striking living and entertaining space.
Amenities in the building include a 24-hour concierge/doorman, a fitness and yoga studio, a residents’ lounge, a game room, a wine room, a children’s playroom, a basketball court and a soccer pitch.
At 1060 Fifth Avenue, also in Carnegie Hill, she sold No. 4B in April for $13 million, $1 million over the asking price.
Built in 1928 by renowned architect J.E.R. Carpenter, 1060 Fifth Avenue is one of the pre-eminent, pre-war cooperatives on the Upper East Side. Lippman and Scott Moore of Brown Harris Stevens had the listing in the white glove building with amenities including a full-service staff, resident manager, beautiful gym with a resistance swimming pool, half-court basketball court, and golf simulator.
The 6,000-square-foot home has 50 feet of frontage on Central Park, and only became available for the first time in over 40 years. The six-bedroom, five-and-a-half-bath residence offers three elegant entertaining rooms, one with a wood-burning stove, and all with direct views of Central Park. The adjacent library boasts another wood-burning fireplace along with two large windows facing Fifth Avenue.
Other than beautiful real estate, what specifically is drawing people back to the UES? Lippman says it’s simple, really.
“Great schools, proximity to the park and services.”
Asked if there are any blocks in particular, she says, “Really any place from 72nd to 96th Street, Fifth Avenue to Third Avenue.”
As we head into summer and many head to the Hamptons, how will the Manhattan market fare?
“To be determined; I am sure it will slow a bit, but it never stops!”
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