New York Apartment Prices Q1, 2019

Posted by Wei Min Tan on May 22, 2019

New York property report:  Q1’2019 Manhattan condo market

  • According to the Miller Samuel/Elliman Report, Q1 sales volume of Manhattan condos was down 9.7 percent compared to year ago, and down 16 percent compared to Q4’2018.  Median price at $1.592 million was down 2.2 percent.  These metrics reflect the correction and downturn of the Manhattan market which started in mid 2017 through present.
  • Price per square foot was $2,331, up 17 percent from a year ago.  Average price was $3.35 million, up 25 percent vs year ago, and up 13 percent from Q4.  But these two metrics are heavily skewed by a record $238 million sale.

 

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) Q1, 2019 Condo:

Average price                        $3.35m (+25% vs prior year)

Avg price per SF                   $2,331 (+17.2%)

Transactions                           856 (-9.7%)

Days on market                       116 (-11.5%)

 

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 Apr 2019:

Average Rent                        $4,191 (+4.6% vs prior year)

Rent per sqft                         $68.09 (+2.0%)

Luxury property:

The luxury property market, defined by Miller Samuel as the top 10 percent of sales.

Median price                         $10.12m (+27.4%)

Avg price per SF                   $3,306 (+24.6%)

Transactions                             213 (-3.2%)

Days on market                        184 (+23.5%)

Data Source:    Miller Samuel and Elliman Report 

 

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

 

Wei Min’s media interviews by CNBC, CNN, New York Times on the subject of investing in Manhattan property

 

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Related Links

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New Property Projects In Manhattan, How We Pick Winners

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

641 Lexington Avenue,
22nd floor,
New York, NY 10022



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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

CONTACT US