Despite Ultra-luxe New Constructions, Classic Manhattan Sells Big

Written By Jonathan Tuason | June 25, 2015 | Published in Elegran Insider, How To NYC
2016%2f01%2f16%2f16%2f01%2f46%2fef0fb88d 976b 4677 b173 f7b6ba7c7ed2%2fliving room at the plaza residences 201

Living room at The Plaza Residences.

As reported by the New York Times, Elegran agent Chris Fry represented Mark Mitchell, a health science entrepreneur and founder of U.S. Medical Management, who recently snapped up two trophy properties simultaneously: a handsomely renovated 4 bedroom, 4 bath condo at The Plaza Hotel, and an updated, pre-war, 6 bedroom, 6.5 bath townhouse at 147 East 63rd Street. And the sum total? $27.75 million.

The Plaza Hotel and Residences at 1 Central Park South.

Even as New York’s cityscape continues to evolve with a run of ultra-luxe new constructions, beautifully renovated pre-war buildings remain excellent investments: they consistently increase in value by virtue of their rarity, and coveted, classic architectural elements. This value is further magnified by the increasing rate of demand in the Manhattan housing market. While the facades of these classic buildings are cherished for their curb appeal, their price appreciation is often guaranteed by prime locations. To wit, The Plaza Hotel combines exclusive views of Central Park with a deserved marquis name, and 147 East 63rd Street is ideally situated in the Upper East Side, just blocks from Central Park publication transportation, and both are in neighborhoods with long heritages of luxury and first-class service.

Hallway with herringbone floors in 147 East 63rd Street.

It follows that many of these buildings are found in neighborhoods often associated with classic Manhattan polish, concentrated in Upper Manhattan by Central Park and Downtown Manhattan by the Financial District. Elegran agent Chris Fry has a wealth of experience working with Downtown and Upper Manhattan real estate; a few months ago, he represented the sellers of three different homes in the Upper West Side, where he was able to secure the highest price per square foot in each building. If you would like to reach him, he can be contacted at (732) 963-7080 or emailed at

Blog Archive


This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. © 2021 REBNY Listing Service, Inc. All rights reserved. RLS IDX Data display by Elegran LLC. IDX information is provided exclusively for consumers’ personal, non- commercial use and that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Elegran LLC may or may not be the exclusive listing agent of the properties being displayed on All data displayed on is presented for informational purposes only and should be independently confirmed by all customers. All Information is compiled from both public and private sources including, but not limited to the RLS, MLS and ACRIS; each of which is assumed to be reliable. All information displayed is subject to errors and omissions regarding apartment specifications and final sale prices, and further, any unit listed may have had its listing withdrawn without notice subsequent to such information being compiled. No representation is made as to the accuracy of any description (ie: listing, close sale data, and/or building description) of any building or individual unit. All measurements and square footage are approximate and all information herein should be confirmed by customer and/or their attorney. Elegran LLC, its members, affiliates, and contributors adhere to New Your City, New York State, and United States Fair Housing Laws.