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WHAT CO-OP/CONDO BUYERS NEED TO KNOW

Co-op Sales Remain Steady in February as Condo Sales Drop

New York City

Manhattan skyline. Photo by Rik Lee.
April 2, 2015

In the four weeks leading up to March 1, the average price for an apartment — taking into account both condo and co-op sales — was $1.5 million, a 21 percent decrease month-over-month.

The average price of a co-op, $1.2 million, was flat month-over-month. The total number of apartments sold was also virtually unchanged month-over-month, inching slightly up to 785 closings from 783. Meanwhile, the average price of a condominium decreased to $1.9 million, a 35 percent drop from the $2.9 average in the prior reporting period.

The relative decline in high-end closings had an outsized effect on the overall Manhattan apartment price average, with the average price of the five most expensive sales dropping from $31 million to $13 million.

Downtown was the highest-grossing region in Manhattan, with $188 million in condominium sales. Midtown was the second highest-grossing area, with $172 million in sales.

While downtown was the highest grossing and most expensive area at an average $1,739 per square foot, Battery Park City saw the largest month-over-month increase, going from $1,224 per square foot to $1,333 per square foot.

To download the report, click here.

 

Photo by Rik Lee.

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