The Real Deal New York

Homes in top nabes selling for less than $1,000 a foot

April 09, 2009 09:31AM

Brokers say apartment prices in prime neighborhoods like the West Village and the Upper West Side are falling to 2004 levels and selling for less than $1,000 per square foot. “If you’re using price per square foot as the barometer, there is definitely a lot more product now below $1,000 a foot than there has been in the last three or four years,” said Shaun Osher, CEO of Core Group Marketing. One couple who moved to a 550-square-foot Apartment On Perry Street in 2004 paid almost $1,000 a square foot for the space, and now, after several price reductions, the couple is selling the home for around $936 a foot. “It’s got to be painful to be in such a stable neighborhood and feel that it’s in rewind,” said Maggie Kent, a broker at Core who is listing the apartment.

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