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$2.5M deal top 1st quarter condo sale.

$2.5M deal top 1st quarter condo sale

Amid signs that the New York City residential market is starting to revive, a two-bedroom apartment at 30 East 85th Street fetched the highest price for a luxury Manhattan condominium during the first quarter -- $2.76 million.

The elegant 1,681-square-foot residence also achieved the highest price per square foot -- a healthy $1,531.82. so reports the latest edition of the Ambrose-Mar Elia "Luxury Condominium Sales Report", which tracks purchases in 46 of Manhattan's most prestigious condominium buildings.

According to Jean Luban, vice president and head of AmbroseMar Elia's Condominium Sales Department, sales activity surged during the first three months of 1991. "There was more activity across the board in the first three months of this year than there was for the previous year, she said.

"The slowdown in 1990 kept many potential sellers from putting their apartments on the market, keeping a significant amount of inventory out of circulation," she added. "The increased activity combined with the dearth of new product coming on-line in 1991, has created an increased demand for a decreased supply of luxury condominiums."

Luban noted that sales activity was particularly strong at 188 East 64th Street, where eight apartments were purchased with prices ranging from a high of $1.62 million to $242,000.

The second highest price paid during the quarter -- $1.98 million -- was for a 1,596-square-foot apartment on the 57th floor at Trump Tower. A 1,320-square-foot residence on the 31st floor at 101 West 79th Street was the third most expensive sale, with a purchase price of $1.85 million.

In terms of price per square foot, the second highest was $1,401.51 for a 1,320-square-foot apartment on the 31st floor at 101 West 79th Street. The 57th floor condo at Trump Tower claimed the third highest price per square foot at $1,237.46.
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Copyright 1991, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Real Estate Weekly
Date:May 15, 1991
Words:316
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