Manhattan Condo Historical Price Trend

Posted by Wei Min Tan on October 8, 2021

Manhattan Condo Historical Price Trend

 

 

Manhattan property (condominium) investment performance.  Apartments that can be purchased individually in Manhattan are either Cooperatives or Condominiums.  Condominiums are more investor friendly because they do not require board approval and allow owners to rent out as needed.  As such, the price per square foot of a Condominium is about 50 percent higher than that of a Cooperative.  The 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.  2017 – 2019 was a downturn period for Manhattan property and in Q2’2020 the Manhattan market was hit hard by the COVID-19 virus.  Prices came down in Q1’2021 to $1,714 per sqft, and this period represented the pandemic deals.

 

In Q2’2021 and Q3’2021, prices increased to $1,921 and $1,881 per sqft respectively.  Sales volume in Q3 was the highest in 32 years, driven by low mortgage rates, pent up demand from 2020 and reopening of the New York economy.

 

Read the latest Manhattan property market report

 

 

Contact:  tan@castle-avenue.com

Read about Wei Min’s style in Best Manhattan property agents and Role of a buyer’s broker.

Interested in working with Wei Min?
Click here to get in touch!

 

 

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

 

Weimin’s article, Risks with buying into new property projects in Manhattan

 

 

  

 

Manhattan condo median price:  Graph above shows the historical median price of a Manhattan residential condo increasing from $425,000 in 1999 to $1.7 million in 2017.  During the downturn period of 2017-2019, median price declined to $1.588 million.  Median price in Q1’2021 was $1.55 million and increased to $1.61 million in Q3’2021.

 

 

Deal Example: Represented buyer client in the below purchase, at one of Manhattan’s most distinguished prewar buildings built by Bing & Bing.  High ceilings, sunken living room, amazing southern views.  We got 10 viewers the first day and rented out the same day.  

 

Weimin’s article, How to buy new property in Manhattan

 

 

 

Manhattan condo number of transactions:  Graph above shows the trend for number of transactions per year, from 1999 to 2019. The peak was 7,000 transactions in 2007, the height of the market.  2020 was Covid year and the real estate market closed down for 3 months, hence the deal volume represented 9 months of activity.

 

 

Deal Example:  Client’s 3 bedroom investment condo at 200 Chambers.  Amazing open views because it looks out to a ballfield.  Most Manhattan apartments look out to a neighboring building.  Close to World Trade Center and Goldman Sachs HQ.  Rented to a highly qualified tenant immediately.

 

Weimin’s article, Interview with Aidan Booth, online entrepreneur and property investor

 

 

What We Do

We focus on global investors buying property in Manhattan, New York 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

 

Data sources:  Miller Samuel Appraisers

 

Follow On Instagram

 

 

Related Links:

Property investment in New York

Foreign Buyer Guide To New York Property

Best type of investment property in New York

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

Contact Wei Min

Recent Blog Posts

Stay Up to Date

Sign up for our newsletter!

Thank you!

We have received your subscription and will be in touch soon!



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

CONTACT US