Sales volume and prices climb in Manhattan condo market.

With prices and sales volume rising for both pre- and post-war units, Manhattan's condominium market eclipsed last year's record-breaking performance during this year's first quarter, according to the Real Estate Board of New York (REBNY) in its First Quarter 1999 Manhattan Condominium and Townhouse Sales Report.

REBNY Executive Vice President Deborah Beck noted that strong demand for prewar units pushed sales up from 749 in last year's first quarter to 882 transfers. Sales in the pre-war market surged from 161 over last year's first three months to 228, while sales in the post-war market climbed from 598 to 654 transfers during the same period.

Pre-war apartment prices soared for all unit sizes, as the median price per square foot increased from the $318 figure reposed a year ago to $389, a 22 percent gain, Beck said.

Pricing gains, which swept every size category in the pre-war market, were strongest in the 2.001 to 2,500 square-foot range, where units selling for a median price of $551 per square foot last year brought a median price of $1,006 per square foot in 1999's first quarter.

The extraordinary appreciation figures were largely attributable to sales at 610 Park Avenue, explained Hall Willkie, executive vice president of Brown, Harris, Stevens and chairperson of REBNY's Residential Research Committee. Nineteen apartments were sold at that building during the quarter at a median price of $1,105 per square foot.

The post-war market also continued to tighten, as the median price per room edged up from $343 per square foot a year ago to $381. There were 62 more apartments of 650 square feet or less square feet sold than during last year's first quarter, and the median price per square foot for these units increased by 22 percent.

Willkie observed that the first quarter upswing affected all geographic submarkets. The East Side pre-war market set the pace with median prices rising from $376 per square foot a year ago to a record $595 per square foot. Apartments of between 2,001 and 2,500 square feet fetched a median price of $1,154 per square foot, he reported, a stunning gain over last year's median price of $577.

The East Side's post-war market displayed comparable appeal. Sales volume jumped from 194 during last year's first quarter to 229, and the prevailing price range for sales moved from $100,000 to $200,000 to $200,000 to $300,000. The median per square foot price for condominiums with 650 or less square feet increased by 27 percent.

Downtown's pre-war market enjoyed a remarkable three months as well. The median price for units of between 1,001 and 1,500 square feet jumped from $273 to $424 per square foot for a 55 percent increase. Overall, sales volume was up from 60 to 82 transfers and the median sales price for all units rose from $265 to $378 per square foot.

Although Downtown's post-war market was the only sector that failed to report an increase in sales volume, prices there also continued to rise, Willkie noted. The median price per square foot for these units climbed 17 percent to $352 from $302.

Prices in the West Side's pre-war market remained relatively unchanged, but the humor of sales increased from 55 to 94. Fueling the rise were sales of units with 650 or less square feet, which more than tripled from 8 to 31 transfers. The area's post-war market was vibrant as well, with median sales prices edging up slightly (from $392 to $400 per square foot) and sales volume surging. REBNY reported 30 more transfers than for last year's first quarters.

Geographically, sales activity shifted only marginally. The East Side, which accounted for 29.9 percent of the sales volume last year, edged up to 31.4 percent; Downtown dipped slightly from 34.6 percent to 31.6 percent; the West Side was up slightly from 32.8 percent to 35.7 percent; and Northern Manhattan, which represented 2.7 percent of the total activity a year ago, dropped to a 1.3 percent share.

The Real Estate Board's Quarterly Condominium and Townhouse Sales Report analyzes open market data and is distributed exclusively to firms participating in the Board's Cooperative Sales Report. This information helps brokers assist their clients in setting realistic offering or sales prices.