There has been a clear shift in the concentration of sales from smaller to larger units in Manhattan in the last 12 months. Sales of units on the smaller end, about 450 to 900 square feet, declined year-over-year and sales of larger units, in the 900 to 1,500 range, increased, according to the most recent Manhattan Neighborhoods Report released today by Radar Logic. This dynamic is consistent with observations of widespread investment buying.
As of March 31, the average Manhattan condominium price was $1,017.10 per square foot, 16 percent above its cyclical trough in May 2009, but still 12 percent below its all-time peak of $1,212.83 in December 2008, according to the report. Sales activity also remains 18 percent below 2008 pre-crisis levels.
All eight neighborhoods tracked by the report posted year-over-year gains in RPX prices in March. Apartments in the Chelsea/ West Village area increased 23.4 percent to $1,178.57 and by 16.6 percent to $1,079.67 in the East Village/ Lower East Side neighborhood. TRD
RPX Manhattan Neighborhoods