REBNY: city co-op and condo sales doubled in first quarter

Real Estate Weekly, June 9, 2004

Sales of Manhattan apartments nearly doubled in the first quarter of 2004 compared to first quarter of 2003, according to two reports released by the Real Estate Board of New York (REBNY).

Co-op sales spiked 47% to 847 units sold in the first quarter of 2004 with the average sales price for a cooperative apartment in Manhattan reaching $990,810, an increase of 12%.

Meanwhile, condo sales surged 42%, to 1,112 units sold in the first three months of 2004. Average sale prices for Manhattan condominiums escalated to $873,000, an increase of 23%.

REBNY President Steven Spinola said, "The incredible jump in the number of sales for both condominiums and cooperatives, while aided by low interest rates, clearly indicates the strength of New York City's economy.

"Although apartment prices are at all time highs, residents are still looking to get a piece of the action before interest rates rise. It is further evidence of the tremendous value of owning a New York City property."

Manhattan submarkets for co-ops and condominiums also demonstrated strength in the first quarter.

The median sales price for a cooperative apartment in Manhattan rose 19% to $560,000. The average sales price of $1,345,039 for an Eastside co-op rose 27% from a year ago. Eastside co-ops saw a 36% rise in the median sales price to $700,000. Average sales price per room for units in Northern Manhattan rose 32% to $118,735.

For condominiums, the West Side saw the average condominium sales price increase 45% to $968,000. from a year ago. The average price-per-square foot for a Westside condo is $828, a rise of 21%. Northern Manhattan condominiums saw their median sales price climb 31% to $210.000, according to the report.

REBNY's cooperative report included the following additional findings on selected unit types:

* A prewar co-op with four or more bedrooms climbed to an average sales price of $6.342,609, an increase of 32%. The average sales price for a co-op with four or more bedrooms was $5,593,000, an increase of 25%.

* Median sales prices rose for all bedroom categories. Notably, the three bedroom category increased 13% to a median sales price of $1,813,000.

* Postwar co-ops in Northern Manhattan jumped 72% to an average sales price of $418,333.

* Eastside postwar median price-per-room increased 17% to $147,625, a record high for this submarket.

REBNY's condominium report included the following additional findings on selected unit types:

* Typical two bedrooms (1,001-1,500 square-foot subcategory) had a rise of 24% in median price-per-square foot to $792.

* The median price-per-square-foot for a prewar condo on Manhattan's Westside increased 10% to $756.

* However, a typical two bedroom (1,001 1,500 square-feet) Downtown saw its price increase by 20% to a median of $807 per square foot.

* Within the Eastside category, studio prewar apartments (650 square feet or less) increased by 31% in median price-per-square-foot to $740.