Printer Friendly

Condo Manhattan! How These Sleek Dwellings Reflect City's Post-9/11 Surge

The average sales price for a Manhattan condo has grown by nearly $800,000 this decade, marching to $1,750,634 by the end of 2007, according to according to
1. As stated or indicated by; on the authority of: according to historians.

2. In keeping with: according to instructions.

 a report from brokerage Prudential Douglas Elliman and research firm Radar Logic. That's an 89 percent increase from the year-end average in 2000, and is 17.8 percent above the fourth-quarter average in 2006.

Significantly, this upward march of condo prices included September 11. After the terrorist attacks, much of Manhattan's residential real estate market softened amid a cascade of pessimism pessimism, philosophical opinion or doctrine that evil predominates over good; the opposite of optimism. Systematic forms of pessimism may be found in philosophy and religion.  about the city's ability to fully recover.

It has, of course. And one of the biggest signifiers of this recovery has been the dozens of sleek, shiny, amenity-laden condos, with thousands of units within, that have sprouted sprout  
v. sprout·ed, sprout·ing, sprouts

1. To begin to grow; give off shoots or buds.

2. To emerge and develop rapidly.
 throughout the borough, from the northern reaches of Inwood to the tip of the Financial District, in the last few years. Condos remain literally monuments to confidence in New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
, whether it be the confidence of developers and their financiers or, perhaps more importantly, the confidence of buyers, many of them foreign newcomers and many more still New Yorkers.

Condos account for about 25 percent of the for-sale housing stock in Manhattan, but they now account for half of the borough's home sales. In the fourth quarter of 2007, condos accounted for nearly 49 percent of Manhattan's home sales; in the third quarter, they accounted for 48 percent.

And some of these sales have been titanic Titanic (tītăn`ĭk), British liner that sank on the night of Apr. 14–15, 1912, after crashing into an iceberg in the N Atlantic S of Newfoundland. More than 1,500 lives were lost. , even for Manhattan, the island unto un·to  
1. To.

2. Until: a fast unto death.

3. By: a place unto itself, quite unlike its surroundings.
 itself amid the national housing market downturn. Two of the three biggest apartment sales in New York City New York City: see New York, city.
New York City

City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S.
 history have involved condos, and both sales closed in 2007. (The third was Rupert Murdoch's $44 million co-op purchase in 834 Fifth Avenue in 2005.)

In July, one still-unknown buyer closed on six apartments in The Plaza for $51,539,180, according to city records. In September, the family of former Citigroup CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board.  Sandy Weill closed on the purchase of a $42,405,000 penthouse penthouse

Enclosed area on top of a building. A penthouse can be an apartment on the roof or top floor of a building or a structure on the roof housing the top of an elevator shaft, air-conditioning equipment, or stairs leading to the roof.
 at Fifteen Central Park West, according to city records. (A co-op at 1060 Fifth Avenue was sold in late 2007 for $46 million, but that deal has yet to close.)

It's such demand at such higher prices (condos, as usual, were much more expensive in the fourth quarter than co-ops, on average) has driven developers to build, build, build this decade. At the same time, the number of new Manhattan co-ops has dwindled to basically zero after peaks in the late 1980's and in parts of the 1990's.

The number of condo and co-op plans submitted to the state Attorney General's office, which must approve them before sales can start, increased 300 percent from 2002 through 2006. Most of these plans involved condos.

Of course, the Manhattan condo market has cooled a bit. The median sales price was down slightly from the third to the fourth quarter, and sales dropped 27 percent. Also, the inventory of unsold condos on the market increased quarterly over 5 percent; and the time it takes to sell a condo rose 12.5 percent, on average, to 135 days.

For now, however--and one only need take a walk around virtually any Manhattan neighborhood and note the scaffolding and the billboard-like ads--condos continue as the residential choice du jour du jour  
1. Prepared for a given day: The soup du jour is cream of potato.

2. Most recent; current: the trend du jour.
, as symbolic of Manhattan this decade as they are increasingly expensive.
Copyright 2008 The New York Observer
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright (c) Mochila, Inc.

 Reader Opinion




Article Details
Printer friendly Cite/link Email Feedback
Author:Tom Acitelli
Publication:The New York Observer
Date:Jan 3, 2008
Previous Article:Tom Wolfe Leaves FSG After 43 Years, Will Publish New Novel With Little, Brown
Next Article:Giuliani Delegates: Giuliani, Badillo, Ognibene (Not Oddo, Gallagher) [updated]

Related Articles
Condo sales volume increases as prices climb.
Median Manhattan condo prices top $400 psf barrier.
Commercial condo sales on rise downtown and midtown.
REBNY: city co-op and condo sales doubled in first quarter.
REBNY reports climbing condo prices in all markets.
Downtown goes up in everyone's estimation: condo prices top $1m for the first time since REBNY records began.
Developers diversify with mixed rental/condo buildings.
Developers diversify offerings with hybrid buildings.
Apartment Prices Up Citywide, Report Says
Manhattan Is Condoland!

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters