Manhattan Condo Historical Price Trend

Posted by Wei Min Tan on October 30, 2019

Manhattan Condo Historical Price Trend

Manhattan property (condo) investment performance.  Using data published by Miller Samuel and the Elliman Report, below are graphs for Manhattan residential condominiums for price per square foot, median price and sales volume.

 

 

Manhattan condo average price per square foot:  Graph  above shows historical appreciation trend of Manhattan residential condominiums in terms of average price per square foot.  In 1999, the average price per square foot was $480.  Prices increased through 2008, then declined in 2009 and 2010 because of the U.S. recession.  From 2008 to 2010, the decline was about 15 percent, when rest of the country went down by 35 percent.

After the recovery, price continued increasing until 2017.  Then in 2018, we experienced a correction due to changes in tax law, global trade wars and increasing interest rates.  Q3’2019 shows a continued decrease and it remains to be seen whether the correction has ended.

 

 

Contact:  tan@castle-avenue.com

 

 

Deal Example:  305 E 51 St, Halcyon.  Buyer client reserved property at pre-construction stage.  Completed 2 years later and rented out to high quality tenants since then.  Property is close to the United Nations, Citigroup Center, Blackstone, Blackrock, Chase Bank.

 

 

Learn more about  Wei Min’s background and approach in representing investors of Manhattan condos 

 

  

 

Manhattan condo median price:  Graph shows the historical median price of a Manhattan residential condo increasing from $425,000 in 1999 to $1.7 million in 2017, declining to $1.6 million in 2018, and then to $1.49 million in  Q3’2019.

 

 

Deal Example: Represented buyer client at Sixty Four Condo in the Upper East Side.  Top amenity building in the 60s with an amazing roof deck (pictured), which is a WOW factor for tenants.  The new Q subway train extension benefited property value in the area.  This was a new development and reserved at the pre-construction stage.

 

 

 

Manhattan condo number of transactions:
Graph above shows the trend for number of transactions per year, from 1999 to 2018. The peak was 7,000 transactions in 2007, the height of the market.

 

 

Deal Example: Client’s investment condo at 88 Greenwich, 35th floor waterview one bedroom apartment facing south.  A high floor, south facing, water view is the most desirable view in Manhattan.  While most water view apartments are located further from the subway, this building has a subway station right in front of it.  One block from World Trade Center.  Client took over tenancy and property has never been vacant since purchase.

 

 

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

 

 

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Related Links:

Property investment in New York

Foreign Buyer Guide To New York Property

Best Manhattan Property Agents

A Buyer’s Broker For Manhattan Condominiums

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

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