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Oct 30, 2017

New York Real Estate Market Updates


Welcome to the Manhattan Multi-Family Sales Real Estate Market Report for the second quarter of 2017.

Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.


This is our Manhattan multifamily episode. While New York plays host to many styles of historic homes, the multifamily apartment complexes are doubtlessly one of the most iconic and highly-prized.


The Multifamily market is one of the few that’s actually on a relative decline in New York City, and this quarter’s data in Manhattan reflects the downward trend. Sales volume this quarter totaled $982.7 million, which is a startling 55 percent decline over last year’s report. Square-footage pricing increased minimally, settling around $584 dollars on average which is just up 5 percent from last quarter. The average selling price across the island was $477,000 – the same as this time last year – and altogether, we saw 106 total transactions in the second quarter, which is down 32 percent from last year.


However, while the overall market is trending low, the top sales for Manhattan still sit in familiar sky-high territory. Our top sale in the second quarter of 2017 was a block of units in the Manhattan Valley neighborhood of West 107th St, selling for $38,250,000. Built in 1940, these six-story units have an enviable location just off Central Park West, hence the price tag of $507 per square foot.


That price, though, doesn’t come close to the average square-footage of these top ten most expensive Manhattan neighborhoods this quarter:


Gramercy Park, with its groomed neighborhoods and affluent cafes, tops off the list at an average of $2,160 per square foot. Greenwich Village comes in second at $1,275, with Yorkville a close third at $1,214. Carnegie Hill listed at $1,031 per square foot, West Village at $974, Hell’s Kitchen at $967, Lenox Hill at $962, Upper West Side at $954, Tribeca at $852 and, tenth but certainly not least, the Lower East Side area averaged in at $831 per square foot.


Of all the neighborhoods, Harlem had the highest volume of Multifamily sales this quarter at 25, with East Harlem following up with 13 sales. If you’re hunting for a deal, East Harlem’s average price per square foot this quarter was a mere $181. As one of Manhattan’s most rapidly growing neighborhoods, this area is certainly worth watching.


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