Market Report
Total Page:16
File Type:pdf, Size:1020Kb
APRIL MONTHLY MARKET REPORT CITYREALTY MONTHLY MARKET REPORT Sales Summary 2-3 Historical Performance 4-6 Notable New Listings 7 This report is a monthly overview of the Co-op and Condo market in Manhattan. Closing data provided lags approximately four weeks from actual closing dates, balancing the timeliness of the Snapshot 8 report with the completeness of the data set for the period and the accuracy of our analysis. 1 APRIL MONTHLY MARKET REPORT Summary Most Expensive Sales The average apartment sale price in Manhattan dipped markedly in the four weeks leading up to March 1st, a drop that is attributable to an absence of very expensive sales and which underscores the extent to which a handful of big- ticket new condo sales is able to shift the monthly price average. AVERAGE SALES PRICE CONDOS AND CO-OPS $17.0M $1.5 Million 22 Central Park South, #PH The average price for an apartment—taking into account both condo and co-op 3 Bed, 3.5 Bath sales—was $1.5 million, a 21% decrease month-over-month. The average price Approx 2,943 ft2 ($5,776/ft 2) of a condominium dropped to $1.9 million, a dramatic 35% falloff from the $2.9 average in the prior reporting period. The average price of a co-op, $1.2 million, was unchanged month-over-month. The total number of apartments sold was also virtually unchanged month-over-month, rising to 785 closings from 783. 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. RESIDENTIAL SALES 785 $1.2B $13.5M UNITS GROSS SALES 860 Park Avenue, #4TH F 4 Bed, 4.5 Bath The most expensive sale was a 2,943 ft2 unit in the new condo development at 22 Central Park South that sold for $17 million. The three bedroom, three-and-a-half bathroom apartment is a duplex spanning two full floors with Central Park views. The second most expensive sale was a four-bedroom, four-and-a-half bathroom, full-floor unit in the prewar cooperative building at 860 Park Avenue, on the corner of 77th Street, which sold for $13.5 million. The third most expensive sale was a three-bedroom, three-and-a-half bathroom unit spanning 3,000 ft2 in the new condo the Baccarat on West 53rd Street that sold for $12 million. 330 455 $12.0M CONDOS SOLD CO-OPS SOLD The Baccarat, #PH 2 20 West 53rd Street AVG PRICE AVG PRICE/FT AVERAGE PRICE $1.9M $1,591 3 Bed, 3.5 Bath $1.2M Approx 3,005 ft2 ($3,993/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 April 2015 market report includes all public records data available through March 31, 2015 for deeds recorded the prior month. APRIL MONTHLY MARKET REPORT Manhattan Condo Sales Summary 30-DAY SALES / PAST 30-Day Total Sales by Region MIDTOWN PRICE AVG* 30 DAYS Midtown East $1,601 / ft2 (-29%) 8 Midtown West $1,773 / ft2 (-10%) 32 13% Murray Hill $1,671 / ft2 (+2%) 55 Upper East Side (42) 30-DAY SALES / PAST $78M 30% Downtown (85) DOWNTOWN PRICE AVG* 30 DAYS $188M Chelsea $1,840 / ft2 (+1%) 25 22% $1,205 / ft2 (-27%) 5 Upper East Village 2 West Side (66) Flatiron/Union Square $1,838 / ft (+15%) 8 $140M Gramercy Park $1,436 / ft2 (-19%) 8 Greenwich Village $1,728 / ft2 (-4%) 6 Soho $1,739 / ft2 (-25%) 6 Tribeca $1,752 / ft2 (-19%) 17 West Village $2,043 / ft2 (-1%) 6 30-DAY SALES / PAST UPPER WEST SIDE PRICE AVG* 30 DAYS 2 8% Central Park West $1,622 / ft (-49%) 14 2 Financial District / Lincoln Center $1,767 / ft (+2%) 10 27% BPC (36) Riverside Dr. / West End Ave. $1,374 / ft2 (-17%) 18 Midtown (101) $50M 2 $172M Broadway Corridor $1,396 / ft (+3%) 20 30-DAY SALES / PAST 30+8272213 FINANCIAL DISTRICT / BPC PRICE AVG* 30 DAYS Downtown was the highest-grossing region in Manhattan, with $188 million in condominium sales. Midtown was the Battery Park City $1,563 / ft2 (+32%) 6 second highest-grossing area, with $172 million in sales. Financial District $1,287 / ft2 (+4%) 30 Downtown also had the highest price/ft2, $1,739, and Midtown the second-highest, $1,685/ft2. Battery Park City, however, saw 30-DAY SALES / PAST UPPER EAST SIDE PRICE AVG* 30 DAYS the largest month-over-month increase, going from $1,224/ft2 2 2 to $1,333/ft . Lenox Hill $1,498 / ft (-13%) 22 Yorkville $1,275 / ft2 (-1%) 12 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 April 2015 market report includes all public records data available through March 31, 2015 for deeds recorded the prior month. APRIL MONTHLY MARKET REPORT Historical Performance : Selected Resales Of the 330 condo sales in Manhattan recorded,134 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 : 8 River Lofts, 92 Laight Street, #10D 2,128 ft² Jul 21, 2005 ($2,443,800) Feb 05, 2015 ($5,000,000) $2,556,200 (+104.6%) +7.8% The Carl Fischer Building, 62 Cooper Square, #3C 1,603 ft² Aug 16, 2005 ($2,000,000) Feb 27, 2015 ($3,050,000) $1,050,000 (+52.5%) +4.5% Gregory Towers, 460 East 79th Street, #17D 451 ft² Jun 01, 2005 ($457,314) Feb 02, 2015 ($580,000) $122,686 (+26.8%) +2.5% 400 East 14th Street, #3C 556 ft² Dec 29, 2005 ($465,000) Feb 12, 2015 ($700,000) $235,000 (+50.5%) +4.6% Park West Village, 400 Central Park West, #14B 840 ft² Feb 10, 2005 ($641,497) Feb 13, 2015 ($1,150,000) $508,503 (+79.3%) +6.0% The Seville, 300 East 77th Street, #9B 1,067 ft² Apr 19, 2005 ($1,103,300) Feb 27, 2015 ($1,485,000) $381,700 (+34.6%) +3.1% Trump International, 1 Central Park West, #26B 1,599 ft² Jun 28, 2005 ($3,000,000) Feb 05, 2015 ($7,000,000) $4,000,000 (+133.3%) +9.2% 205 East 59th Street, #12C 1,285 ft² Sep 08, 2005 ($1,675,021) Feb 18, 2015 ($2,050,000) $374,979 (+22.4%) +2.2% Original Sale Year : 2006 Total Transactions : 20 825 West End Avenue, #9-C 1,612 ft² Apr 07, 2006 ($1,500,000) Feb 09, 2015 ($2,450,000) $950,000 (+63.3%) +5.7% 555 West 23rd Street, #S7M 726 ft² Aug 14, 2006 ($738,231) Feb 04, 2015 ($950,000) $211,769 (+28.7%) +3.0% Cipriani Residences, 55 Wall Street, #635 578 ft² Aug 29, 2006 ($698,092) Feb 09, 2015 ($700,000) $1,908 (+0.3%) +0.0% 508 Broadway, #5 1,762 ft² May 19, 2006 ($1,550,000) Feb 17, 2015 ($2,675,000) $1,125,000 (+72.6%) +6.5% Liberty Terrace, 380 Rector Place, #19D 673 ft² May 19, 2006 ($649,000) Feb 24, 2015 ($795,000) $146,000 (+22.5%) +2.3% Worldwide Plaza, 350 West 50th Street, #8F 1,087 ft² Jul 28, 2006 ($1,064,071) Feb 09, 2015 ($1,450,000) $385,929 (+36.3%) +3.7% 295 Third Avenue, #1C 420 ft² Dec 14, 2006 ($275,000) Feb 26, 2015 ($500,000) $225,000 (+81.8%) +7.6% 250 East 65th Street, #12E 1,650 ft² May 30, 2006 ($1,750,000) Feb 12, 2015 ($2,300,000) $550,000 (+31.4%) +3.2% Original Sale Year : 2007 Total Transactions : 25 Greenwich Club, 88 Greenwich Street, #628 569 ft² Sep 12, 2007 ($539,672) Feb 27, 2015 ($627,500) $87,828 (+16.3%) +2.1% South Star, 80 John Street, #19C 1,105 ft² Aug 07, 2007 ($1,044,011) Feb 13, 2015 ($1,325,000) $280,989 (+26.9%) +3.2% Atelier, 635 West 42nd Street, #17F 759 ft² Apr 02, 2007 ($870,603) Feb 27, 2015 ($948,000) $77,397 (+8.9%) +1.1% Clinton West, 516 West 47th Street, #S6K 428 ft² May 31, 2007 ($475,000) Feb 13, 2015 ($491,790) $16,790 (+3.5%) +0.5% Cielo, 450 East 83rd Street, #2B 512 ft² Dec 10, 2007 ($661,862) Feb 25, 2015 ($525,000) -$136,862 (-20.7%) -3.2% The Olmsted, 382 Central Park West, #14B 850 ft² Jul 16, 2007 ($859,000) Feb 26, 2015 ($1,110,000) $251,000 (+29.2%) +3.4% Chelsea Commons, 313 West 22nd Street, #1A 1,000 ft² Aug 29, 2007 ($1,257,000) Feb 13, 2015 ($1,795,000) $538,000 (+42.8%) +4.9% The Link, 310 West 52nd Street, #5J 901 ft² Jul 16, 2007 ($980,000) Feb 27, 2015 ($1,465,000) $485,000 (+49.5%) +5.4% Original Sale Year : 2008 Total Transactions : 21 be@william, 90 William Street, #5H 1,100 ft² Jul 23, 2008 ($818,673) Feb 25, 2015 ($950,000) $131,327 (+16.0%) +2.3% 7 Wooster Street, #PH 2,591 ft² Apr 09, 2008 ($1,529,933) Feb 04, 2015 ($6,000,000) $4,470,067 (+292.2%) +22.4% Olympic Tower, 641 Fifth Avenue, #38B 1,238 ft² Jun 05, 2008 ($2,150,000) Feb 11, 2015 ($2,995,000) $845,000 (+39.3%) +5.1% The A Building, 425 East 13th Street, #1J 706 ft² Jan 28, 2008 ($789,143) Feb 27, 2015 ($865,000) $75,857 (+9.6%) +1.3% 40 West 55th Street, #6A 1,354 ft² Feb 28, 2008 ($1,538,915) Feb 13, 2015 ($1,525,000) $13,915 (-0.9%) -0.1% The Orion, 350 West 42nd Street, #52C 1,076 ft² Oct 28, 2008 ($1,466,000) Feb 13, 2015 ($1,895,000) $429,000 (+29.3%) +4.2% The Beekman, 350 East 62nd Street, #4K 550 ft² Feb 07, 2008 ($495,000) Feb 05, 2015 ($599,000) $104,000 (+21.0%) +2.8% Ariel East, 2628 Broadway, #11A 2,013 ft² Jul 01, 2008 ($2,698,362) Feb 12, 2015 ($3,170,000) $471,638 (+17.5%) +2.5% Original Sale Year : 2009 Total Transactions : 11 72 East 3rd Street, #4C 622 ft² Oct 05, 2009 ($625,000) Feb 20, 2015 ($979,000) $354,000 (+56.6%) +8.8% Cipriani Residences, 55 Wall Street, #716 1,092 ft² Dec 22, 2009 ($946,505) Feb 03, 2015 ($1,075,000) $128,495 (+13.6%) +2.5% 508 Broadway,