Manhattan condo market topped $550 median price per SF. (Retail New York).

Every Manhattan condominium category exceeded the $550 median price per SF mark in 2001's tumultuous final three months, according to the Real Estate Board's Condominium Sales Report.

A prewar Manhattan condominium cost a median $601 per SF during the fourth quarter, 15% more than a year before when the price was $522 per SF. Apartments of 650 SF or less gained most in value, increasing 16% from $507 in 2000's fourth quarter to $587. The $300,000-to-$400,000 range accounted for the most sales of prewar units.

Postwar apartments in all size categories of less than 1,800 SF increased in median price per SF. Condominiums of 650 SF or less appreciated most, rising 14% to $574 per SF from $506 in 2000's fourth quarter.

REBNY executive vice president Deborah B. Beck said, "Never in the seven years we've been reporting on this market have apartment values proven so resistant to such dire conditions. Manhattan condominiums generally continued to appreciate despite an historic trauma to our city and the nation, as well as a recession that preceded and followed the terrorist attacks. More compelling proof of these properties' intrinsic allure for investor/residents is hard to imagine."

Hall Willkie noted that "The lack of adequate supply and the persistence of robust demand sustained appreciation of Manhattan condominiums even as the nation's security and economic interests suffered severely. Once again, we've seen values holding or rising all over town. Yet other factors favoring these properties as investments include low interest rates and the recent erratic performance of the stock market."

Here are some of the reports other highlights:

* East Side prewar apartments remained the most expensive condominiums with a median price per SF of $656. The price was 21% higher than the prior year's comparable mark. East Side postwar condominiums dipped in median price per square to $594 from $600 the year before.

* West Side prewar condominiums appreciated 20% over the year, reaching a median price per SF of $625 in 2001's final quarter. Postwar condominiums rose 3% in median price per SF over the twelve-month span to $603.

* Downtown prewar condominiums appreciated 7% in median price per SF since the prior year's fourth quarter, reaching $597. The median price per SF for postwar units there rose 10% over that period to $577.