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Market Report MARCH 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 MARCH MONTHLY MARKET REPORT Summary Most Expensive Sales Apartment prices in Manhattan continue to be strong in the four weeks leading up to February 1st, with an average price of $1.9 million for all recorded sales. AVERAGE SALES PRICE CONDOS AND CO-OPS $1.9 Million $47.4M One57, #86 The average price of a condominium, $2.9 million, was unchanged month-over- 157 West 57th Street month, while the average price of a co-op dipped slightly, from $1.3 million to $1.2 4 Bed, 4 Bath million. In total, the 782 apartment sales grossed $1.5 billion. Approx 6,236 ft2 ($7,596/ft 2) RESIDENTIAL SALES 782 $1.5B UNITS GROSS SALES The most expensive sale was a 6,236 ft2 unit in One57 that sold for $47.4 million. The $33.0M four-bedroom, four-bathroom unit is on the 86th floor of the extremely expensive Midtown high-rise, only four stories below the unit that broke records last month Trump International, #PH15B when it sold for $100.5 million, making it the most expensive condo sale in New 1 Central Park West York City history. 5 Bed, 6+ Bath Approx 5,018 ft2 ($6,576/ft 2) The second most expensive sale was a penthouse unit at Trump International that sold for $33 million. The 5,018 ft2 unit has five bedrooms and six bathrooms. The third most expensive sale was a four-bedroom, four-and-a-half bathroom penthouse in Tribeca’s 250 West Street that sold for $29.5 million. 332 450 CONDOS SOLD CO-OPS SOLD $29.5M AVG PRICE AVG PRICE/FT2 AVERAGE PRICE 250 West Street, #PH $2.9M $1,808 4 Bed, 4.5 Bath $1.2M Approx 5,718 ft2 ($5,159/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 March 2015 market report includes all public records data available through February 28, 2015 for deeds recorded the prior month. MARCH MONTHLY MARKET REPORT Manhattan Condo Sales Summary 30-DAY SALES / PAST 30-Day Total Sales by Region MIDTOWN PRICE AVG* 30 DAYS Midtown East $2,379 / ft2 (+56%) 7 Midtown West $1,899 / ft2 (-22%) 50 18% Murray Hill $1,607 / ft2 (+1%) 33 Upper East Side (193) 35% Turtle Bay/ United Nations $1,354 / ft2 (+4%) 5 $596M Downtown (397) $1.2B 30-DAY SALES / PAST DOWNTOWN PRICE AVG* 30 DAYS 14% Chelsea $1,840 / ft2 (+11%) 26 Upper East Village $1,639 / ft2 (-1%) 12 West Side (185) 2 $457M Gramercy Park $1,769 / ft (-18%) 8 Soho $2,442 / ft2 (+47%) 6 Tribeca $2,251 / ft2 (+35%) 33 West Village $2,064 / ft2 (-3%) 6 30-DAY SALES / PAST UPPER WEST SIDE PRICE AVG* 30 DAYS 2 Central Park West $3,107 / ft (+60%) 13 2 5% Lincoln Center $1,726 / ft (-3%) 9 2 Financial District / Riverside Dr. / West End Ave. $1,717 / ft (+14%) 12 28% 2 Midtown (325) BPC (133) Broadway Corridor $1,353 / ft (+1%) 14 $941M $168M 30-DAY SALES / PAST 35+5281418 FINANCIAL DISTRICT / BPC PRICE AVG* 30 DAYS Downtown was the highest-grossing region in Manhattan, 2 Battery Park City $1,053 / ft (-6%) 8 with $1.2 billion in condominium sales. Midtown was the Financial District $1,245 / ft2 (-5%) 22 second highest-grossing area, with $941 million in sales. Downtown also had the highest price/ft2, $1,865, and Midtown 30-DAY SALES / PAST the second-highest, $1,840 ft2. The Upper West Side, however, UPPER EAST SIDE PRICE AVG* 30 DAYS 2 saw the largest month-over-month increase, going from Carnegie Hill $1,692 / ft (+5%) 8 2 2 2 $1,632 ft to $1,767 ft . Lenox Hill $1,685 / ft (+12%) 20 2 Park/Fifth Ave. to 79th St. $2,937 / ft (+16%) 5 2 Avg Price / Ft2 by Region Yorkville $1,287 / ft (+1%) 11 $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 March 2015 market report includes all public records data available through February 28, 2015 for deeds recorded the prior month. MARCH MONTHLY MARKET REPORT Historical Performance : Selected Resales Of the 332 condo sales in Manhattan recorded,169 had sold since 2003. 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 : 2004 Total Transactions : 12 Trump Tower, 721 Fifth Avenue, #58C 1,138 ft² Mar 30, 2004 ($1,500,000) Jan 20, 2015 ($3,250,000) $1,750,000 (+116.7%) +7.5% Channel Club, 455 East 86th Street, #16A 675 ft² Nov 17, 2004 ($495,000) Jan 15, 2015 ($730,000) $235,000 (+47.5%) +3.9% Sutton Manor, 411 East 53rd Street, #15J 542 ft² Jun 28, 2004 ($365,000) Jan 30, 2015 ($610,000) $245,000 (+67.1%) +5.0% Worldwide Plaza 3, 393 West 49th Street, #7G 665 ft² Jul 30, 2004 ($720,000) Jan 06, 2015 ($1,175,000) $455,000 (+63.2%) +4.8% The Seville, 300 East 77th Street, #20C 1,607 ft² Jun 25, 2004 ($1,649,565) Jan 21, 2015 ($2,350,000) $700,435 (+42.5%) +3.4% SoHo 25, 25 West Houston Street, #3E 902 ft² Sep 09, 2004 ($865,512) Jan 30, 2015 ($1,640,000) $774,488 (+89.5%) +6.4% Time Warner Center, 25 Columbus Circle, #56D 1,859 ft² May 28, 2004 ($4,257,635) Jan 13, 2015 ($10,766,000) $6,508,365 (+152.9%) +9.2% The Concorde, 220 East 65th Street, #3L 1,400 ft² Dec 14, 2004 ($1,400,000) Jan 26, 2015 ($2,180,000) $780,000 (+55.7%) +4.5% Original Sale Year : 2005 Total Transactions : 9 359 East 68th Street, #8B 715 ft² Mar 23, 2005 ($620,000) Jan 07, 2015 ($849,000) $229,000 (+36.9%) +3.3% The Enclave, 224 East 52nd Street, #22 600 ft² Dec 19, 2005 ($590,000) Jan 20, 2015 ($635,000) $45,000 (+7.6%) +0.8% 222 Riverside Drive,#1A 865 ft² Aug 12, 2005 ($799,000) Jan 21, 2015 ($870,000) $71,000 (+8.9%) +0.9% Trump Place, 220 Riverside Boulevard, #45A 1,900 ft² Dec 08, 2005 ($3,175,000) Jan 04, 2015 ($4,287,500) $1,112,500 (+35.0%) +3.4% One Kenmare Square, 210 Lafayette Street, #5C 767 ft² Nov 28, 2005 ($1,069,162) Jan 08, 2015 ($1,670,000) $600,838 (+56.2%) +5.0% 190 Riverside Drive, #2D 1,500 ft² Feb 22, 2005 ($1,225,000) Jan 23, 2015 ($1,950,000) $725,000 (+59.2%) +4.8% The Westerly, 124 West 93rd Street, #3E 800 ft² Dec 01, 2005 ($680,000) Jan 16, 2015 ($790,000) $110,000 (+16.2%) +1.7% 100 United Nations Plaza, #18B 1,400 ft² Jan 11, 2005 ($1,200,000) Jan 14, 2015 ($1,800,000) $600,000 (+50.0%) +4.1% Original Sale Year : 2006 Total Transactions : 13 The Oxford, 422 East 72nd Street, #5E 1,340 ft² May 31, 2006 ($271,674) Jan 28, 2015 ($1,550,000) $1,278,326 (+470.5%) +22.5% 41 Spring Street, #2A 625 ft² Jun 16, 2006 ($600,000) Jan 26, 2015 ($920,000) $320,000 (+53.3%) +5.1% Arcadia, 408 East 79th Street, #5B 815 ft² Apr 18, 2006 ($895,000) Jan 26, 2015 ($1,150,000) $255,000 (+28.5%) +2.9% The Impala, 404 East 76th Street, #25C 1,119 ft² Apr 04, 2006 ($1,207,000) Jan 08, 2015 ($1,546,000) $339,000 (+28.1%) +2.9% Worldwide Plaza 3, 393 West 49th Street, #7F 629 ft² Aug 08, 2006 ($625,000) Jan 06, 2015 ($1,145,000) $520,000 (+83.2%) +7.5% Park West Village, 392 Central Park West, #12B 850 ft² Nov 30, 2006 ($775,000) Jan 12, 2015 ($927,500) $152,500 (+19.7%) +2.2% The Corinthian, 330 East 38th Street, #16D 1,372 ft² Sep 21, 2006 ($1,340,000) Jan 05, 2015 ($1,670,000) $330,000 (+24.6%) +2.7% The Columbia, 275 West 96th Street, #9M 650 ft² Aug 23, 2006 ($634,000) Jan 14, 2015 ($805,000) $171,000 (+27.0%) +2.9% Original Sale Year : 2007 Total Transactions : 33 | Average CAGR : 2% The Link, 310 West 52nd Street, #15B 976 ft² Aug 02, 2007 ($1,380,647) Jan 29, 2015 ($1,775,000) $394,353 (+28.6%) +3.4% The Delegate, 301 East 45th Street, #9D 521 ft² Sep 10, 2007 ($495,000) Jan 02, 2015 ($685,000) $190,000 (+38.4%) +4.6% Flowerbox Building, 259 East 7th Street, #2B 1,539 ft² Oct 11, 2007 ($1,625,000) Jan 07, 2015 ($2,475,000) $850,000 (+52.3%) +6.0% Grand Madison, 225 Fifth Avenue, #6K 1,709 ft² Mar 06, 2007 ($2,189,237) Jan 29, 2015 ($4,600,000) $2,410,763 (+110.1%) +9.9% The Charleston, 225 East 34th Street, #6H 727 ft² Oct 25, 2007 ($732,121) Jan 15, 2015 ($970,000) $237,879 (+32.5%) +4.0% 200 Chambers Street, #17B 1,260 ft² Apr 30, 2007 ($1,812,485) Jan 08, 2015 ($2,400,000) $587,515 (+32.4%) +3.7% 184 Thompson Street, #MG 863 ft² Apr 13, 2007 ($880,786) Jan 07, 2015 ($1,210,000) $329,214 (+37.4%) +4.2% Atrium at Chelsea, 181 Seventh Avenue, #4D 445 ft² Aug 29, 2007 ($585,000) Jan 30, 2015 ($675,000) $90,000 (+15.4%) +1.9% Original Sale Year : 2008 Total Transactions : 39 643 East 11th Street, #10 1,774 ft² Oct 02, 2008 ($2,670,360) Jan 09, 2015 ($2,900,000) $229,640 (+8.6%) +1.3% Atelier, 635 West 42nd Street, #18M 610 ft² Nov 10, 2008 ($820,000) Jan 30, 2015 ($850,000) $30,000 (+3.7%) +0.6% Element, 555 West 59th Street, #11F 1,273 ft² Jun 18, 2008 ($1,731,025) Jan 16, 2015 ($2,100,000) $368,975 (+21.3%) +3.0% The Promenade, 530 East 76th Street, #6H 1,079 ft² Jan 29, 2008 ($1,070,000) Jan 20, 2015 ($1,325,000) $255,000 (+23.8%) +3.1% 515 East 72nd Street, #4A 620 ft² May 30, 2008 ($805,000) Jan 23, 2015 ($800,000) -$5,000 (-0.6%) -0.1% 38 Nine, 502 Ninth Avenue, #5D 550 ft² Jun 30, 2008 ($565,637) Jan 22, 2015 ($686,000) $120,363 (+21.3%) +3.0% 500 West End Avenue, #5C 1,873 ft² Sep 26, 2008 ($5,250,000) Jan 13, 2015 ($5,940,000) $690,000 (+13.1%) +2.0% Madison Green, 5 East 22nd Street, #16B 600 ft² May 09, 2008 ($850,000) Jan 16, 2015 ($1,075,000) $225,000 (+26.5%) +3.6% 4 MARCH MONTHLY MARKET REPORT Selected Resales, Cont.
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