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Condos again fetching above $500 per SF in Manhattan.

Median prices per square foot for all eight Manhattan condominium size categories exceeded the $500 per square foot mark for the second consecutive quarter during the first three months of 2001, according to REBNY's Condominium Sales Report.

The $573 per square foot median price for prewar condominiums was 26. percent higher than the comparable figure posted twelve months before. The overall median price per square foot for postwar condos was $569, 49 percent higher than the mark seen a year earlier. All postwar condo unit categories saw increases in their median price per square foot over that period.

REBNY executive vice president Deborah B. Beck observed that "The Manhattan condominium market's strength, even in times of economic uncertainty, consistently confirms these properties' appeal.

Hall Willkie, Executive Vice President of Brown Harris Stevens and Chairman of REBNY's Residential Research Committee, said, "The streak of appreciation during the past year, particularly over the past two quarters we've surveyed, demonstrates the sturdy value of Manhattan condominiums."

Here are some of the report's other major findings:

* An East Side prewar condominium cost a median price per SF of $872, a new record high and 51 percent more than the comparable figure reported in 2000's first quarter.

* East Side prewar apartments in the 1,001-1,500 SF category increased in median price by 61 percent in median price per square foot from 2000's first quarter to $964.

* East Side postwar condos were up 22 percent from 2000's first quarter to a median price of $571 per SF.

* West Side prewar condos reached a record median price per SF of $604, an increase of 26 percent from the price of a year before; units of between 651 and 850 SF appreciated 32 percent over that time to $599.

* West side postwar units climbed 17 percent in median price per SF during the preceding 12 months to $591.

* Downtown prewar condos cost a median of $522 per SF, a 23 percent rise from the price posted twelve months earlier. About a third of the 237 transfers in this sector, 59 percent more tan the sales volume for 2000's first quarter, were accounted for by the 87 closings at the Chelsea Mercantile, 252 Seventh Avenue.

* The Downtown postwar, condo median price per SF was $550, an increase of 37 percent from the year before.
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1U2NY
Date:Jul 18, 2001
Words:386
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