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%)
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
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