Manhattan, New York Property Historical Price Trends

Posted by Wei Min Tan on October 4, 2020

Manhattan Condominiums and Cooperatives

The Manhattan property inventory consists of 70 percent rental buildings, 20 percent Cooperative apartments and 10 percent Condominium apartments.  Cooperatives and Condominiums are units that can be purchased individually (as opposed to needing to buy the whole building).  Below are graphs for Condominiums and Cooperatives blended mix for price per square foot, median price and sales volume.

 

Data:  Miller Samuel Appraisers

 

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 $1,657 in 2019.  The downturn between 2017 to 2019 was firstly due to the natural real estate cycle and specifically because of an oversupply of high end apartments, a new federal tax bill that decreased interest deductibility and global trade wars.  In 2020, Manhattan was hit hard because of the COVID-19 virus and prices came down further to $1,532 per sqft in Q3’2020.

 

Note that the average price per square foot of a Manhattan condominium in Q3’2020 was $2,016, representing a significant premium over the condo/coop average shown in the graph.

 

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

 

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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.

 

Weimin’s article, Buying Manhattan apartment to rent out as diversification strategy

 

 

 

Median price:  Graph above shows the historical median price of a Manhattan condo/coop increasing from $239,000 in 1997 to $1.140 million in 2017.  While the graph shows the blended average of condo/coop, note that the median price of a Manhattan condo in Q3’2020 was $1.76 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.

 

Weimin’s article, Investing in ultra luxury apartment in Manhattan

 

 

 

Number of transactions:  Graph shows the trend for number of transactions per year, from 1997 to 2019.  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.

 

Weimin’s article, How to invest in new launch property in Manhattan

 

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

 

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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

Manhattan condo historical price trend

New York Capital Gains Taxes

New York’s Super Prime Areas

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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