NEW YORK, NY—According to the second quarter Manhattan residential market report released today by Brown Harris Stevens, Manhattan continued to see the effects of the recession. The average apartment price of $1,263,471 was down 16% from the first quarter of 2009, and down 24% from the same period a year ago. The second quarter of 2008 saw many closings at The Plaza and 15 Central Park West; if these closings are discounted, the decline in the average price would be 15% from the same time last year. The total number of closings decreased by 53% compared to the same period a year ago.
The average price for cooperative apartments during the second quarter of 2009 was $918,795, down 29% from a year ago. An 82% decline in closings over $10 million helped bring the average co-op price down. At $1,619,716, the average condominium price overall was down 18% from a year ago. This number is greatly impacted by closings at The Plaza and 15 Central Park West. If these two buildings are removed from the equation, the average condo price fell to just 2% lower than a year ago.
“It’s important to acknowledge that figures from the second quarter of 2009 are a reflection of deals done months ago. They are impacted sharply by the decline in co-op sales over $10 million and by the closings at The Plaza and 15 Central Park West a year ago,” said Hall F. Willkie, president of Brown Harris Stevens Residential Sales. “As 2009 has progressed, we have continued to see a significant increase in activity and sales each month.”
- New developments sold for an average of $1,198 per square foot during the second quarter, down 16% from a year ago. If 15 CPW and The Plaza are excluded from the equation the decline is just 5%.
- Apartments sold in the second quarter of 2009 were on the market for an average of 129 days, 48% longer than at the same time last year.
- Sellers received 92.6% of the last asking price for their apartments, down from 97.5% from a year ago.
- Aided by closings at new developments, the average condo price per square foot on the East Side fell just 4% over the past year.
- The average price per room fell 17% for prewar and 12% for postwar cooperative apartments on the West Side from a year ago.
- New developments, which accounted for 64% of condo sales Downtown, helped keep the decline in the average condo price per square foot to just 2% over the past year.
