Manhattan co-op transactions set new records in 1q 2002.

Manhattan cooperative apartment transactions set three new records in 2002's first quarter as median consideration for such residences generally continued to climb, the Real Estate Board found in its Quarterly Cooperative Sales Report. Only transfers of co-ops with four or more bedrooms--always a statistically insignificant number--failed to register a higher median price per room from the prior quarter's sales.

Although co-ops kept appreciating briskly, however, sales volume was off 17% from the prior year's first quarter. The board attributes the decline to the few units on the market relative to demand, and interrelated political and economic uncertainties that might be inhibiting transfers.

The three records were set by sales of East Side prewar co-ops, which fetched a median price per room of $190,000; of East Side postwar units, which drew $136,190; and of West Side prewar co-ops, whose new high mark is $144,444.

Also of note, the median price, per room for a three-bedroom apartment rose 37% over the prior twelve months from $182,000 to $250,000. A rise of 2% was seen in the median price per room for studio/one-bedroom and two bedroom cooperatives over the preceding year to $105,000 and $162,500 respectively.

"Few, if any investments ever performed as well over so long a period as Manhattan co-ops have," said REBNY executive vice president Deborah B. Beck. "Despite turmoil in the securities markets and in the overall economy, these properties are still appreciating impressively."

Hall Willkie of Brown Harris Stevens, chair of REBNY's Residential Research Committee, said that "Manhattan co-ops' unmatched record of appreciation for almost every type of unit in all our survey areas is an indisputable indicator of New York's entrenched primacy among the world's cities."

Here are some other highlights from the report:

* Over the preceding 12 months East Side prewar coops appreciated 16% in median price per room, East Side postwar units were up 13%, and both West Side pre- and postwar co-ops appreciated 12%.

* Most co-op sales fell into the $200,000-to-$300,000 range. Most East Side prewar unit transfers were in the $300,000-to-$400,000 range, while most West Side prewar sales were in the $400,000-to-$500,000 span.

* It took a median of 4.9 months to close a co-op transaction, a figure virtually unchanged from 12 months before.