Co-op/condo prices fall in February.

With buyers and sellers reacting cautiously to the Clinton economic plan, purchase prices of luxury Manhattan co-ops and condominiums dropped sharply in February, with the average cost of an apartment falling from $75,613 to $73,290 a room. A year ago, the Corcoran Price Index was $76,048 per room.

So reports the March issue of The Corcoran Market Update, a monthly survey highlighting fast breaking trends in the New York eo-op and condominium marketplace prepared by the Corcoran Group, a leading Manhattan-based real estate firm specializing in luxury residential sales.

Based on data from listings and completed purchases that took place during the preceding 30 day period, The Corcoran Market Update reported a downturn in asking prices by unit size for most of the 6,803 luxury apartments it tracked citywide last month.

For example, average asking prices for one-bedroom apartments fell by 3.3 percent to $229,000 while large two bedroom units (5 to 6 rooms) tumbled by 4.9 percent to $650,000. Overall, asking prices for all units were down by 2.6 percent for an average price of $509,979.

Among the findings reported in the latest Corcoran Market Update were:

* Buyers were able to negotiate asking prices down by 19.2 percent during February compared to 18.5% during the same period in 1992

* The average listing time for apartment sales during the month was 25 weeks compared to 24 weeks a year earlier

* Average asking prices continued to vary dramatically by location. The price per room of a Fifth Avenue luxury residence (above 60th Street), for example, was $220,109 compared to $193,729 on Park Avenue and $68,920 on West End Avenue.

* The average luxury co-op/condo buyer last month was 31 years old, had an average income of $160,000 and made a purchase of $310,000 000136944078 36013MAR2493BIBF0013

The Building Owners and Managers Association (BOMA) International testified before the Subcommittee on Public Buildings and Grounds of the House Public Works and Transportation Committee in support of H.R. 8-8, "Ban on Smoking in Federal Buildings Act," proposed legislation to ban smoking ;" federal buildings.

"Second-hand smoke is a 'Class A' carcinogen and is one of the leading contributors to indoor air pollution," stated Mark W. Hurwitz, PhD, CAE, executive vice president of BOMA International. 'Banning smoking in the workplace would significantly improve the quality of the air we breathe. BOMA firmly believes that the most effective course of action to ensure indoor air quality is to prevent contaminants from being introduced into the workplace in the first place."

Consistent with BOMA's unanimous vote in January at its annual Winter Business Meeting to support a uniform federal ban on smoking in the workplace, this is the next step in an overall effort to improve the indoor environment for building tenants. BOMA's concern, however, is that enforcement should not be the responsibility of the nation's building owners and managers.