Manhattan, New York Property Historical Price Trends
Posted by Wei Min Tan on October 30, 2019
Manhattan Condominiums and Cooperatives
Using data published by Miller Samuel and the Elliman Report, below are graphs for Condominiums and Cooperatives blended mix for price per square foot, median price and sales volume.
Average price per square foot: Graph above shows historical appreciation trend of Manhattan condominiums and cooperatives in terms of average price per square foot. In 1997, the average price per square foot was $328. 2017 set the new price record at $1,775 per sqft, then decreased to $1,707 in 2018 amid an oversupply of high end apartments, the new federal tax bill, global trade wars and rising mortgage rates. Prices further decreased in Q3’2019 and it remains to be seen whether we are on path to recovery.
Note that the average price per square foot of a Manhattan condominium in Q3’2019 was $1,952, representing a significant premium over the condo/coop average shown in the graph.
Contact: tan@castle-avenue.com
Deal Example: 88 Greenwich, 35th floor one bedroom water view apartment overlooking New York Harbor. Client purchased with tenant in place. There has been no vacancy period since the purchase. Purchased at $800,000, current market price $1.2 million.
Learn more Wei Min’s background and approach in representing investors of Manhattan condos
Median price: Graph shows the historical median price of a Manhattan condo/coop increasing from $239,000 in 1997 to $1,025,000 in Q3’2019. While the graph shows the blended average of condo/coop, note that the median price of a Manhattan condo in Q3’2019 was $1.490 million.
Deal Example: Represented buyer client at 40 Mercer in Soho. Ultra luxury building by Jean Nouvel with 14 ft ceilings. High price but rents are commensurately high as well.
Number of transactions: Graph shows the trend for number of transactions per year, from 1997 to 2018. The peak was 13,430 transactions in 2007, the height of the market, while the valley was 7,430 transactions during the recession of 2009.
Learn more New property projects in Manhattan, how we pick winners
Deal Example: Client’s condo at 111 Murray Street in Tribeca. Client reserved the unit at pre-construction, at $1.54 million. Two years later at completion, prices went up 20 percent. The green building opposite is the Goldman Sachs headquarters and one of the reasons we decided to pursue this unit.
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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Wei Min Tan is a Manhattan, New York property broker focusing on global investors. He has been interviewed by CNBC, CNN, New York Times and The Wall Street Journal on the subject of investing in Manhattan property. Wei Min can be reached at tan@castle-avenue.com
Related Links:
Foreign Buyer Guide To New York Property
