Manhattan Average Apartment Price $1,483,591
New York, NY— According to the first quarter Manhattan residential market report released recently by Brown Harris Stevens, the average Manhattan apartment sale price of $1,483,591 was up 9 percent from same period in 2011. A leading factor in the higher average price was a steep incline of 42 percent in the number of sales over $10 million when compared to the same period last year.
The average price for cooperatives sold during the first quarter of 2011 was up 10 percent from a year ago, at $1,181,715. The average condominium price was $1,889,560, the highest average in three years, up 8 percent from a year ago with all size categories seeing an increase in price. There were 1,800 first quarter closings reported at the time of this report, 2 percent more than a year ago.
“The record-setting sale at 15 Central Park West, in which our firm was delighted to represent both the buyer and the seller, had a significant impact on this quarter’s report but it’s important to note that there were 16 additional transactions over $10 million that closed this quarter. Another sign of the improving residential market is that the number of sales was up 2 percent from the first quarter of 2011,” said Hall. F. Willkie, president of Brown Harris Stevens Residential Sales. “New York City’s recovery continues to best most predictions and this combined with a stable inventory of available apartments makes me optimistic about the coming months.”
- New developments accounted for 41 percent of all condo closings, up from 35 percent in the first quarter of 2011.
- On the East Side, larger apartments did better with 2 bedrooms seeing an increase in average price of 3 percent and three bedroom and larger apartments seeing a 9 percent increase over the same period last year.
- On the West Side three bedroom and larger apartments saw a 52 percent increase over the first quarter of 2011 due in large part to the $88 million sale at 15 Central Park West. If this transaction is disregarded the average price for three-bedroom and larger apartments would be $4,384,461, 22 percent higher than a year ago. The average condo price per square foot was $1,731 but if the same deal is not factored in it would be $1,598, 18 percent higher than the first quarter of 2011.
- In the Downtown market, the average condo price per square foot rose 4 percent over the past year to $1,241. Smaller apartments showed the biggest gains in average sales price with studios rising 12 percent over the first quarter of 2011 and one bedrooms up 11 percent.