New York Apartment Prices

Posted by Wei Min Tan on August 3, 2021

New York apartment prices for condominiums based on the most recent quarterly data including price per sqft, sales volume, average sales price.  The overall theme for Q2’2021 was a surge in sales volume as buyers rush back into the market driven by low mortgage rates, pent up demand and reopening of New York City.

 

 

Transaction volume up

The condo market saw a surge in sales volume wherein  number of sales of condominiums increased by 48.8 percent compared to Q1 and 162.3 percent compared to last year.  Why?  It’s because of very low interest rates and pent up demand from 2020 buyers who were supposed to buy last year but didn’t buy and optimism from the reopening of the New York economy.

 

 

Median Sales Price by Apartment Sizes

The median sales price for a studio apartment is $600,000, for a 1-bedroom is $995,080, for a 2-bedroom is $1,986,513, for a 3-bedroom is $3,850,000 and for 4+ bedroom it’s $6,907,000.  The trend post-pandemic has been moving towards larger apartments.

 

 

New Development

The new development market had the same trend with sales volume increases of 19.2 percent and 145.3 percent compared to Q1 and prior year respectively.  New development refers to newly launched buildings where the buyer would book, wait for 2 years for completion and then close when the property is completed.

 

What We Do

We focus on global investors buying Manhattan condos for portfolio diversification and long term return-on-investment.
1) Identify the right buy based on objectives
2) Manage the buy process
3) Rent out the property
4) Manage tenants
5) Market the property at the eventual sale

 

Wei Min’s media interviews by CNBC, CNN, New York Times on the subject of investing in Manhattan property

 

 

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About Wei Min

  • Focuses on investors of Manhattan condominiums, interviewed by CNBC, CNN, Wall Street Journal, New York Times
  • Ex-Citibanker, managed $500 million portfolio
  • MBA, University of Illinois at Urbana-Champaign
  • Manhattan resident since 1999. Currently lives in Tribeca with wife and 2 kids
  • 352 burpees in 23 minutes, student of muay thai kickboxing

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About Wei Min


  • Focuses on investors of Manhattan condominiums, interviewed by CNBC, CNN, Wall Street Journal, New York Times
  • Ex-Citibanker, managed $500 million portfolio
  • MBA, University of Illinois at Urbana-Champaign
  • Manhattan resident since 1999. Currently lives in Tribeca with wife and 2 kids
  • 352 burpees in 23 minutes, student of muay thai kickboxing

Work With Wei Min

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