Northern Manhattan sees condo and rental markets improve in 2010

Condominium and residential rental markets have begun to stabilize in Northern Manhattan, according to a 2010 report released today by Ariel Property Advisors, a New York City property investment sales firm formed in January. The number of condo unit transactions in Northern Manhattan climbed to 437 in 2010, a 44 percent jump from 2009, when 303 properties traded hands, while the average price per square foot slid 6.6 percent to $537. The residential rental market remained stable, with average free markets holding steady at $26 per square foot and rent regulated units — which make up a large percentage of the market — remaining relatively flat at $17 per square foot. TRD