New York Apartment Prices Q2, 2019
Posted by Wei Min Tan on August 8, 2019
New York property report: Q2’2019 Manhattan condo market
According to the Miller Samuel/Elliman Report, Q2 sales volume of Manhattan condos increased by 26 percent, the highest increase in three years.
Median price of a Manhattan condo at $1.70 million was up 3 percent. It was the first year over year increase in seven quarters.
Price per square foot was $2,077, down 1.8 percent from a year ago. Average price was $2.83 million, down 4.5 percent vs year ago.
Deal Example: Investor client’s condo at 200 Chambers Street, luxury building in Tribeca with premium price and rents. Purchased at approx $1.5 million. The low carrying costs and high demand make this a good investment. Located next to Whole Foods, World Trade Center, Goldman Sachs headquarters. This apartment faces the building’s zen garden and comes with a washer/dryer within the apartment.
New York (Manhattan) Q2, 2019 Condo:
Average price $2.83m (-4.5% vs prior year)
Avg price per SF $2,077 (-1.8%)
Transactions 1,475 (+26%)
Days on market 132 (+9.1%)
Deal Example: Client purchased this unit at 88 Greenwich Street. 17th floor with double height ceiling and water views. One block from World Trade Center means strong appreciation potential. There are 4 new residential condos coming up in the area, all with much higher prices per square foot. The areas is transforming and 88 Greenwich will benefit from it.
Residential Rents June 2019:
Average Rent $4,236 (+3.4% vs prior year)
Rent per sqft $68.96 (+3.6%)
The luxury property market, defined by Miller Samuel as the top 10 percent of sales.
Median price $8.59m (-7.6%)
Avg price per SF $2,892 (-0.2%)
Transactions 297 (+12.9%)
Days on market 153 (-16.8%)
Data Source: Miller Samuel and Elliman Report
Article updated Aug 8, 2019
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