Manhattan condo prices rise 20%

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Manhattan condo prices rise 20% Value per square foot hits $951 Friday, March 10, 2006 Inman News

Manhattan, N.Y. Median condo prices in Manhattan jumped 20 percent in 2005 to $770,000, while coop prices climbed 6 percent to $649,000, the Real Estate Board of New York announced this week. REBNY represents commercial and residential property owners and builders, brokers and managers, banks, financial service companies, utilities, attorneys, architects, contractors and other individuals and institutions professionally interested in the city's real estate industry. REBNY's Cooperative and Condominium Reports found that the downtown area south of 42nd Street had the highest neighborhood median sales price for condominiums at $849,000, a 27 percent increase from last year. Northern Manhattan condominiums saw the highest percentage increase, climbing 46 percent to a median of $364,609. Cooperatives on the West Side posted a median price increase of 19 percent, to $722,000. For the first time, the average sales price in this neighborhood surpassed the million-dollar mark, at $1.09 million, the industry group reported. "The downtown market, which hit a 10-year high in 2004, continues to flourish, and price increases in all neighborhoods demonstrate the continued desire to live in New York," said Steven Spinola, REBNY president. Prewar cooperatives in Northern Manhattan posted the largest increase in median sales price, up 23 percent to $499,500. REBNY also reported that prewar units on the East Side registered the highest median sales price at $898,250. Downtown saw the largest percentage increase for postwar cooperative median sales price, which was up 21 percent to $526,500. As a whole, the Manhattan postwar cooperative median sales price rose 10 percent to $600,000. Downtown prewar condominium units reported the highest median sales price, soaring 31 percent to $1.5 million, the greatest percentage increase. West Side postwar units registered the highest median sales price, rising 23 percent to $800,000. The median price per room for downtown cooperatives rose 20 percent over the course of 2005 to $183,633, the largest percentage increase. The highest median price per room, at $199,500, was reported on the West Side, according to REBNY. The median price per square foot for Manhattan condominiums rose 25 percent to $951. On the East Side, the median price per square foot climbed 28 percent, the largest percentage increase, to $950. The median price per square foot for a West Side condominium rose 23 percent to $989, representing the highest neighborhood price. REBNY also reported that there were 4,921 recorded coop transfers in 2005, a 17 percent increase from 2004, and 5,038 condominium transfers in 2005.