How these celebs are driving up NYC real estate prices

Celebrities do more than add glam to their neighborhoods — they also boost property values, a new study shows.

The average sales price for a town house in Greenwich Village near Fifth Avenue barely hit $4 million in 2006 — but that figure has quintupled in the past decade, reaching nearly $20 million, thanks at least partly to its boldface residents, according to real-estate firm Leslie J. Garfield and DataLoft.

“It’s a herd mentality. Everybody wants to be where they are. It’s like, ‘I’ll have what she’s having,’ ” broker Dolly Lenz said.

Lenz is currently listing a home farther west at 271 W. 11th St. — near the mansions of actors Sarah Jessica Parker and Matthew Broderick — for $34.5 million.

Adding to that area’s cachet — and ­ka-ching — are such residents as actresses Liv Tyler and Julianne Moore.

The study shows that A-listers help boost prices by around 127 percent, ­B-listers by 67 percent and C-listers by 43 percent.

Then there are the tech-mogul residents who help the local real-estate economy along, too.

On West 10th Street, Facebook co-founder Sean Parker bought three town houses, and fellow co-founder Chris Hughes scooped 157 W. 12th St., with a secret tunnel, for $23.5 million in 2015.

Some stars, including Taylor Swift, rent in the area instead of buying, but the price-boosting effect is still the same, experts said.

+127%
Increase in prices of town houses in neighborhoods where A-list celebs move in.
+67%
Increase in prices of town houses in neighborhoods where B-list celebs move in.
+43%
Increase in prices of town houses in neighborhoods where C-list celebs move in.
Average townhouse sale prices in New York City

 

In the West Village, the average sales price for a town house was $6.3 million about a decade ago. It’s now 127 percent higher, or $14.3 million.

In the East Village, the “celebrity premium” shot up prices 67 percent thanks at least partly to “Friends” TV star David Schwimmer and Broadway star Alan Cumming, the report said.

On the Upper East Side, where Kelly Ripa and her family call home, the average sales price jumped 13 percent in roughly the past decade, from $9.9 million in 2006 to $11.2 million, the study showed.

 

 

 

Source: NY Post