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Apr 10, 2018

New York Real Estate Market Updates


Welcome to the Manhattan Multi-Family Sales Real Estate Market Report for the fourth 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.

Manhattan’s iconic skyline is home to millions, but the Multifamily market is still steadily suffering a decline – both across the borough and across the city. Sales volume this quarter totaled $1.7 billion: a large number in theory, but a shocking 30 percent decline over last year’s Q4. However, there is good news. Square-footage pricing continues to rise, up 29 percent from 2016 to an average of $630. Average selling prices in Manhattan have increased enormously, up 37 percent from last year’s records and coming in at $554,000 across the island. While total transactions have decreased 40 percent, with just 103 sales in the 2017’s fourth quarter, sales are still as lucrative as expected from this vibrant borough.

Though Manhattan’s volume market is trending down, the top sales numbers still rival the skyline in height. December’s top sale is located in the Two Bridges neighborhood, where 275 South Street sold for a striking $167,500,000. This magnificent waterfront property commands not only impressive views but also impressive living spaces: 19 newly-renovated floors with modernist appeal and prime access to nightlife, galleries and restaurants.

At just $637 per square foot, that sale doesn’t even begin to the average square-footage of these top ten most expensive Manhattan neighborhoods this quarter:

Chelsea, home to the High Line elevated park and art galleries galore, tops off the list at an average of $1,802 per square foot. Greenwich Village comes in second at $1,535, with the Upper West Side a close third at $1,225. Lincoln Square listed at $1,020 per square foot, Kips Bay at $1,011, East Village at $983, Lenox Hill at $920, Yorkville at $881, and Manhattan Valley at $843. Tenth but certainly not least, Clinton – Hell’s Kitchen area averaged in at $728 per square foot.

Harlem was the neighborhood with the highest volume of multifamily sales in Q4 2017, with 25 total transactions. Both Yorkville and Washington Heights followed close behind, claiming 10 sales each. Bargain-seekers should consider looking in Washington Heights, as the average price per square foot was only $276 at the close of the year despite growing interest and activity in the neighborhood.

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