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Cityrealty Monthly Market Report

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Cityrealty Monthly Market Report SEPTEMBER 2015 | MONTHLY MARKET REPORT CITYREALTY MONTHLY MARKET REPORT Sales Summary 2-3 Historical Performance 4-6 Notable New Listings 7 Snapshot 8 CityRealty is the website for NYC real estate, providing high-quality listings and tailored agent matching for prospective apartment buyers, as well as in-depth analysis of the New York real estate market. 1 MONTHLY MARKET REPORT SEPTEMBER 2015 Summary Most Expensive Sales The average sale price for Manhattan apartments was virtually unchanged in the four weeks leading up to August 1, while the number of recorded closings dropped slightly. The average price for co-ops and condos was $1.8 million, the same as in the prior month’s reporting period. The number of recorded sales, 1,076, dropped slightly from the 1,150 recorded in the preceding four weeks. AVERAGE SALES PRICE $30.0M CONDOS AND CO-OPS 1040 Fifth Avenue, #14A 4 Bed, 6+ Bath $1.8 Million Approx 4,700 ft2 ($6,383/ft 2) The average price of a condo was $2.4 million and the average price of a co-op was $1.3 million. There were 474 condo sales, down from the 486 recorded in the prior month, and 602 co-op sales, down from the 664 in the preceding four weeks. RESIDENTIAL SALES 1,076 $2.0B UNITS GROSS SALES $28.0M One57, #67B The top sale of the month was a four-bedroom co-op in the prewar, Rosario 157 West 57th Street Candela-designed building at 1040 Fifth Avenue. Related CEO Jeff Blau sold the 3 Bed, 3.5 Bath unit after buying it in January 2008 for $21.4 million and undertaking an extensive Approx 4,116 ft2 ($6,804/ft 2) renovation. The second-highest sale, for $28 million, was for a 4,116-square-foot unit on the 67th floor of One57. The third-highest sale, for $21.4 million, was also in One57, for a 3,466-square-foot unit on the 56th floor. 474 602 CONDOS SOLD CO-OPS SOLD $21.4M 2 One57, #56C AVG PRICE AVG PRICE/FT AVERAGE PRICE $2.4M $1,675 157 West 57th Street $1.3M 4 Bed, 4.5 Bath Approx 3,466 ft2 ($6,170/ft 2) *CityRealty's Manhattan area market comprises the area south of 125th street on the West Side, and south of 96th street on the East Side. 2 **CityRealty’s September 2015 market report includes all public records data available through August 31, 2015 for deeds recorded the prior month. MONTHLY MARKET REPORT SEPTEMBER 2015 Manhattan Condo Sales Summary 30-DAY SALES / PAST 30-Day Total Sales by Region MIDTOWN PRICE AVG* 30 DAYS Midtown East $1,699 / ft2 (+9%) 19 Midtown West $2,009 / ft2 (+23%) 45 17% Murray Hill $1,478 / ft2 (-11%) 36 Upper 32% Turtle Bay/United Nations $1,549 / ft2 (+2%) 17 East Side Downtown $197M $371M 30-DAY SALES / PAST DOWNTOWN PRICE AVG* 30 DAYS Chelsea $2,061 / ft2 (-9%) 25 East Village $1,718 / ft2 (-11%) 12 Flatiron/Union Square $1,657 / ft2 (-10%) 7 Gramercy Park $1,768 / ft2 (+19%) 9 16% Greenwich Village $2,156 / ft2 (+11%) 6 Upper 2 West Side Tribeca $2,225 / ft (+23%) 25 $181M West Village $2,390 / ft2 (+38%) 9 30-DAY SALES / PAST UPPER WEST SIDE PRICE AVG* 30 DAYS 2 Broadway Corridor $1,663 / ft (-13%) 31 2 11% Central Park West $1,375 / ft (-25%) 20 Financial District / Lincoln Center $1,456 / ft2 (-23%) 9 24% BPC Midtown $1,577 / ft2 (+2%) 26 $279M $127M Riverside Drive/West End Avenue 30-DAY SALES / PAST 32+11241617 PRICE AVG* 30 DAYS FINANCIAL DISTRICT / BPC Downtown was the highest grossing region in Manhattan, with Battery Park City $1,377 / ft2 (+15%) 42 2 $371 million in condominium sales. Midtown was the second Financial District $1,332 / ft (-59%) 38 highest grossing region, with $279 million in sales. Downtown 30-DAY SALES / PAST had the highest price/ft2, $2,025, an increase over the prior UPPER EAST SIDE PRICE AVG* 30 DAYS month’s average, $1,962, and Midtown had the second highest $2,163 / ft2 (+9%) 7 2 Carnegie Hill price/ft , $1,719. 2 Lenox Hill $1,611 / ft (+1%) 50 Yorkville $1,241 / ft2 (-3%) 24 Avg Price / Ft2 by Region $2,000 $1,800 2 $1,600 $1,400 AVG PRICE / FT / PRICE AVG $1,200 $1,000 $800 2011 2012 2013 2014 2015 KEY: UPPER WEST SIDE UPPER EAST SIDE MIDTOWN DOWNTOWN FINANCIAL DISTRICT/BPC *Neighborhoods with less than 5 sales in the past 30 days are not included in the table. Percentage changes are calculated over the same period of the previous month. 3 **CityRealty’s September 2015 market report includes all public records data available through August 31, 2015 for deeds recorded the prior month. MONTHLY MARKET REPORT SEPTEMBER 2015 Historical Performance : Selected Resales Of the 474 condo sales in Manhattan, 184 had sold since 2005. The selected resales listed below are grouped according to the years they were initially purchased. The price difference between the sales and the Compound Annual Growth Rate (CAGR) is indicated. COMPOUND SQUARE MOST RECENT ANNUAL BUILDING, UNIT FEET FIRST SALE SALE PRICE CHANGE GROWTH RATE Original Sale Year : 2005 Total Transactions : 14 79 White Street, #2E 2,134ft² Aug 17, 2005 ($1,476,462) Jul 01, 2015 ($3,000,000) $1,523,538 (+103.2%) +7.5% Straus Park, 272 West 107th Street, #3C 1,669ft² Jan 11, 2005 ($1,303,360) Jul 17, 2015 ($2,275,000) $971,640 (+74.5%) +5.4% The Chelsea Mercantile, 252 Seventh Avenue, #3S 958ft² Aug 25, 2005 ($1,200,000) Jul 13, 2015 ($1,595,000) $395,000 (+32.9%) +2.9% The East Side Townhouse, 250 East 31st Street, #2B 1,000ft² Jun 15, 2005 ($804,000) Jul 20, 2015 ($935,000) $131,000 (+16.3%) +1.5% The Fitzgerald, 201 West 74th Street, #15B 500ft² Jul 25, 2005 ($518,971) Jul 01, 2015 ($690,000) $171,029 (+33.0%) +2.9% Murray Hill Terrace, 201 East 36th Street, #7C 1,200ft² Sep 13, 2005 ($1,225,000) Jul 10, 2015 ($1,325,000) $100,000 (+8.2%) +0.8% Liberty Court, 200 Rector Place, #33L 613ft² Sep 01, 2005 ($585,000) Jul 13, 2015 ($705,000) $120,000 (+20.5%) +1.9% 1724 Second Avenue, #6RS 540ft² Jun 03, 2005 ($500,000) Jul 22, 2015 ($645,000) $145,000 (+29.0%) +2.6% Original Sale Year : 2006 Total Transactions : 17 Clinton West, 516 West 47th Street, #N4E 600ft² Jan 24, 2006 ($506,797) Jul 16, 2015 ($835,000) $328,203 (+64.8%) +5.4% Liberty Lofts, 43 West 64th Street, #7B 2,331ft² Jan 25, 2006 ($3,150,000) Jul 02, 2015 ($5,800,000) $2,650,000 (+84.1%) +6.7% Park West Village, 400 Central Park West, #10C 1,200ft² Jun 28, 2006 ($1,090,000) Jul 29, 2015 ($1,688,000) $598,000 (+54.9%) +4.9% The Orion, 350 West 42nd Street, #27A 741ft² Aug 03, 2006 ($855,330) Jul 01, 2015 ($1,200,000) $344,670 (+40.3%) +3.9% Three Ten, 310 East 53rd Street, #26B/C 4,062ft² Nov 27, 2006 ($7,142,707) Jul 01, 2015 ($7,650,000) $507,293 (+7.1%) +0.8% Millennium Tower Residences, 30 West Street, #12G 1,190ft² Dec 26, 2006 ($997,885) Jul 21, 2015 ($1,325,000) $327,115 (+32.8%) +3.4% 3 Weehawken Street, #5A 526ft² Nov 09, 2006 ($550,000) Jul 14, 2015 ($1,525,000) $975,000 (+177.3%) +12.5% Block Hall, 21 South William Street, #7A 457ft² May 03, 2006 ($505,986) Jul 17, 2015 ($535,000) $29,014 (+5.7%) +0.6% Original Sale Year : 2007 Total Transactions : 33 South Star, 80 John Street, #10C 1,055ft² Jun 22, 2007 ($1,513,628) JJul 01, 2015 ($1,830,000) $316,372 (+20.9%) +2.4% The Plaza, 768 Fifth Avenue, #1603 1,967ft² Jun 21, 2007 ($9,997,168) Jul 06, 2015 ($10,000,000) $2,832 (+0.0%) +0.0% Atelier, 635 West 42nd Street, #17E 700ft² Mar 27, 2007 ($792,707) Jul 31, 2015 ($890,000) $97,293 (+12.3%) +1.4% Manhattan Place, 630 First Avenue, #24K 1,000ft² Nov 02, 2007 ($1,030,000) Jul 01, 2015 ($1,275,000) $245,000 (+23.8%) +2.9% Trump Park Avenue, 502 Park Avenue, #19F 991ft² Nov 19, 2007 ($1,858,306) Jul 10, 2015 ($2,225,000) $366,694 (+19.7%) +2.4% Cielo, 450 East 83rd Street, #2C 902ft² May 10, 2007 ($997,885) Jul 10, 2015 ($1,070,000) $72,115 (+7.2%) +0.9% Century Tower, 400 East 90th Street, #12C 415ft² Jul 31, 2007 ($385,320) Jul 28, 2015 ($511,000) $125,680 (+32.6%) +3.6% The Revere, 400 East 54th Street, #12H 560ft² Mar 27, 2007 ($520,000) Jul 24, 2015 ($653,000) $133,000 (+25.6%) +2.8% Original Sale Year : 2008 Total Transactions : 38 20 Pine Street, #1903 820ft² Jul 07, 2008 ($1,140,440) Jul 14, 2015 ($1,140,000) -$440 (-0.04%) -0.04% Riverhouse - 1 Rockefeller Park, 2 River Terrace, #15A 1,524ft² Aug 18, 2008 ($1,731,025) Jul 17, 2015 ($2,400,000) $668,975 (+38.6%) +4.9% 1600 Broadway, #14G 1,144ft² Jan 10, 2008 ($1,488,000) Jul 01, 2015 ($1,765,000) $277,000 (+18.6%) +2.3% 158 Franklin Street, #1A 945ft² May 07, 2008 ($500,000) Jul 02, 2015 ($3,700,000) $3,200,000 (+640.0%) +32.7% Dorchester Towers, 155 West 68th Street, #18-33 750ft² Apr 30, 2008 ($646,000) Jul 01, 2015 ($855,000) $209,000 (+32.4%) +4.0% Downtown by Starck, 15 Broad Street, #2002 1,051ft² Jul 25, 2008 ($975,000) Jul 16, 2015 ($1,295,000) $320,000 (+32.8%) +4.2% 147 Waverly Place, #8 3,494ft² Mar 24, 2008 ($5,753,112) Jul 30, 2015 ($9,650,000) $3,896,888 (+67.7%) +7.3% 133 West 22nd Street, #5L 634ft² Nov 25, 2008 ($814,600) Jul 15, 2015 ($1,299,000) $484,400 (+59.5%) +7.3% Original Sale Year : 2009 Total Transactions : 16 Caledonia, 450 West 17th Street, #2302 730ft² Sep 04, 2009 ($982,611) Jul 13, 2015 ($1,900,000) $917,389 (+93.4%) +12.0% 425 Fifth Avenue, #45C 524ft² Sep 03, 2009 ($600,000) Jul 31, 2015 ($770,000) $170,000 (+28.3%) +4.4% The A Building, 425 East 13th Street, #7H 573ft² Oct 23, 2009 ($760,000) Jul 16, 2015 ($950,000) $190,000 (+25.0%) +4.0% Wellington Tower, 350 East 82nd Street, #6U 1,130ft² Aug 12, 2009 ($950,000) Jul 02, 2015 ($1,575,000) $625,000 (+65.8%) +9.1% The Prime, 333 West 14th Street, #8 2,341ft² Jun 08, 2009 ($2,100,000) Jul 14, 2015 ($4,300,000) $2,200,000 (+104.8%) +12.5% 30 West 9th Street, #4 939ft² Aug 13, 2009 ($955,000) Jul 10, 2015 ($2,350,000) $1,395,000 (+146.1%) +16.7% Trump Place, 220 Riverside Boulevard, #10A 979ft² Oct 21, 2009 ($800,000) Jul 13, 2015 ($1,180,000) $380,000 (+47.5%) +7.1% 211 East 3rd Street, #5R 1,332ft² Jan 07, 2009 ($1,299,000) Jul 29, 2015 ($2,250,000) $951,000 (+73.2%) +8.8% 4 MONTHLY MARKET REPORT SEPTEMBER 2015 Selected Resales, Cont.
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