The Manhattan residential sales market has tightened up, yet there are still opportunities to be found, especially downtown. According to Prudential Douglas Elliman’s 2011 1st Quarter report, the number of apartments listed are now at their lowest level since 2007, falling 5.3% from the year-earlier period, to 7,605. According to the report, it will now take 9.5 months to absorb all of the inventory.
Meanwhile, the average sales price for a Manhattan apartment is currently at $1,331,306, which is down 10.2% from the last quarter and 6.7% from a year ago. However, the $1,025/SF average is only down 3.2% and 1.3% for the same two periods, signaling that smaller apartments are now trading more rapidly. Condos always trade at a premium to co-ops; their 1Q11 average is $1,216/SF compared to the co-op’s $896.
That being said, there are still large pricing discrepancies for apartments throughout Manhattan. Downtown still offers the most value. Our office just closed on a 28th floor apartment at The Phillipe Starck designed 15 Broad Street for $1,200,000 or $808/SF. The apartment benefited from low common charges of under $1/SF and a 421G Tax Abatement which resulted in monthly taxes of only $356...
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