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NEW YORK CO-OP HOUSING DECLINED 14 PERCENT IN '92, BUT IMPROVED FROM '91

 NEW YORK, Jan. 5 /PRNewswire/ -- The cost of purchasing a New York City co-op apartment dropped by 14.4 percent during 1992 -- an improvement over the 18.4 percent drop from in 1991, according to data compiled by the National Cooperative Bank (NCB), one of the largest providers of underlying financing to real estate cooperatives. While the overall index showed a decline, Brooklyn, Queens and Westchester all registered improvements. In addition, New York lofts and New York rentals showed improvement during 1992.
 The value of a New York City co-op fell to an average of $54,430 per room in 1992, down from $63,552 per room in 1991. Rents at co-op buildings in New York City declined from $461 per room in 1991 to $432 per room in 1992. This 6.3 percent decline matched the 6.3 percent decline in 1991, following three consecutive years of increases.
 Although the overall average value per room fell in 1992, most neighborhoods have actually stabilized with the exception of mid-rise buildings in lower Manhattan (below 14th street). Lower Manhattan values rose to $56,823 in 1991, an 18.6 percent increase over 1990 but declined to $45,533 (19.9 percent) in 1992. The declines in the Upper East Side and Upper West Side have slowed substantially in 1992 dropping by a 5.0 percent and 3.9 percent respectively compared with 39.2 percent and 24.8 percent in 1991.
 Brooklyn, Queens Values Improve
 The Brooklyn and Queens neighborhoods represented in the Index experienced the greatest improvement in values during 1992 -- 11.9 percent. This increase in values is the first in three years, rising from $22,460 per room in 1991 to $25,123 in 1992. The other geographic area to see improvement was Midtown Manhattan with an 11.3 increase in market value per room to $50,145.
 Westchester County statistics show a 7.5 percent increase in market values over 1991.
 Loft Values Up
 The lofts in lower Manhattan have done well, recovering from a 17.2 percent decline in 1991 to an increase in values of 5.9 percent in 1992. Loft co-op values which are located primarily in SoHo, TriBeCa and Chelsea, increased to $198 per square foot, up from $187 in 1991.
 New York Rents Up
 The NCB analysis showed that in three neighborhoods the cost of renting in New York City was higher in 1992 than the year before. Brooklyn/Queens rents were up 7.5 percent at $238 per room, Midtown Manhattan increased by 9.0 percent at $420 per room. Westchester showed a 5.0 percent increase at $269 per room. Rents showed the greatest decrease in Lower Manhattan (down 14.8 percent). The Upper Westside was down 4.2 percent and the Upper Eastside was down 2.7 percent.
 Analyzing Three Years of Data
 Since 1988, NCB found the following:
 -- On average, in New York City, values have declined 36 percent from the high point per room of $84,473 (1989) to $54,430.
 -- The Upper East Side high point market value per room was $155,047 (1990) and has since declined by 42 percent to $89,633 in 1992.
 -- The Upper West Side high point market value per room was $91,925 (1990) and has since declined by 28 percent to $66,416 in 1992.
 -- Midtown Manhattan high point market value per room was $69,062 (1988) and has since declined by 27 percent to $50,145 in 1992.
 -- Westchester high point market value per room was $31,239 (1990) and has since declined by 26 percent to $23,051 in 1992.
 NCB derived average valued and rents for the 1991-1992 analysis from appraisals performed on close to 160 transactions and close to 900 resales.
 National Cooperative Bank is a leading provider of financial services to cooperative enterprises in the United States. NCB and its subsidiaries provide mortgage bank, commercial lending, capital markets, and depository services to cooperative enterprises. NCB, headquartered in Washington, D.C. provided more than $160 million in mortgage financing to New York area co-ops in 1992.
 NCB 1992 NEW YORK CO-OP MARKET INDEX SUMMARY
 Market Value 1990 1991 Percent 1992 Percent
 Per Room: Changes Changes
 Total New York Area (A) $77,858 $63,552 (18.4) $54,430 (14.4)
 Lower Manhattan 47,925 56,823 18.6 45,533 (19.9)
 Upper West Side 91,925 69,109 (24.8) 66,416 (3.9)
 Midtown Manhattan 43,660 45,068 3.2 50,145 11.3
 Upper East Side 155,047 94,321 (39.2) 89,633 (5.0)
 Brooklyn/Queens 34,346 22,460 (34.6) 25,123 11.9
 Westchester 31,239 21,454 (31.3) 23,051 7.5
 Rent Per Room:
 Total New York Area (A) $491 $461 (6.3) $432 (6.3)
 Lower Manhattan 423 465 10.0 396 (14.8)
 Upper West Side 519 572 10.2 548 (4.2)
 Midtown Manhattan 422 385 (8.6) 420 9.0
 Upper East Side 857 609 (28.9) 593 (2.7)
 Brooklyn/Queens 270 222 (17.8) 238 7.5
 Westchester 287 254 (11.5) 269 5.9
 Loft Co-ops
 Rent (B) 18 18 0.0 18 0.0
 Market Value (B) 226 187 (17.2) 198 5.9
 Source: National Cooperative Bank
 (A) Neighborhood designations are comprised of the following:
 Lower Manhattan: South of 14th Street.
 Midtown Manhattan: 14th Street to 56th Street.
 Upper East Side: 56th Street to 96th Street: East of Central Park.
 Upper West Side: 56th Street to 96th Street: West of Central Park.
 Brooklyn/Queens: Includes: Bayside, Brooklyn Heights, Forest Hills, Flushing, Jamaica, Prospect Heights, Sheepshead Bay.
 (B) Loft Co-ops: Located primarily in: SoHo, TriBeCa and Chelsea.
 -0- 1/5/93
 /NOTE TO EDITORS; Westchester and Brooklyn/Queens statistics are being reported separately for the first time in 1992. These statistics were used in reporting the overall NCB Co-op Index in previous years. A historical account of Westchester and Brooklyn/Queens statistics is provided, along with comparable statistics for other markets, in the attached table/
 /CONTACT: Jane DeMarines of National Cooperative Bank, 202-336-7651, or Jay Sears or Steve Iaco of Creamer Dickson Basford, 212-887-8014, for National Cooperative Bank/


CO: National Cooperative Bank ST: New York IN: SU:

TM-LD -- NY003 -- 1687 01/05/93 11:16 EST
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Date:Jan 5, 1993
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