East Side sellers suffer from high competition

TRD New York /
Jan.January 23, 2012 10:00 AM

New Yorkers looking to purchase a “starter” apartment would be wise to stick to the East Side. Citing Streeteasy.com research, New York magazine reported that competition for selling studios and one-bedroom apartments in the Upper East Side, Lenox Hill, Turtle Bay and Murray Hill is so strong that more than one-third of those units have had their asking prices cut.

Apartments in those neighborhoods linger on the market for 33 to 42 weeks, on average, so owners “have to make their listings more compelling,” said Sofia Song, vice president of research at Streeteasy.com. These conditions could last for a prolonged period, as apartment absorption rates on the Upper East Side and in Lenox Hill are well below the Manhattan average of 36 percent. Median prices for studios and one-bedrooms on the East Side range from $498,000 in Murray Hill to $575,000 in Lenox Hill.

In addition to the East Side, Hell’s Kitchen and Washington Heights have favorable conditions for first-time buyers. The former is plagued by the host of new developments “taking a while to find buyers” at the median asking price of $699,000, while the latter offer some of the lowest prices on the island, with a median of $279,450. [NY Mag]


Related Articles

arrow_forward_ios
Nelson Rockefeller and 812 Fifth Avenue Photos via Getty; StreetEasy; Google Maps)

Fifth Ave co-op owned by Rockefeller family hits market

Fifth Ave co-op owned by Rockefeller family hits market
Lincoln Center, Hudson Yards and Financial District (Wikimedia, iStock)

Bad to worse: Manhattan nabes where home sales fell most

Bad to worse: Manhattan nabes where home sales fell most
Christopher Cerf and 146 E 62nd St (Twitter, Google Maps, Pixabay)

Mellon Foundation buys longtime home of Sesame Street composer

Mellon Foundation buys longtime home of Sesame Street composer
1165 Madison Avenue and Naftali Group's Miki Naftali (Credit: Google Maps and Gonzalo Marroquin/Patrick McMullan via Getty Images)

Naftali Group plans another Upper East Side condo

Naftali Group plans another Upper East Side condo
Sherry-Netherland Hotel at 781 Fifth Avenue and Guo Wengui (Credit: iStock)

Chinese fugitive willing to take $12M loss at Sherry-Netherland

Chinese fugitive willing to take $12M loss at Sherry-Netherland
Arthur Shapolsky of Shapolsky Real Estate and 143 East 62nd Street (Credit: Facebook, Google Maps)

Real estate titan: I was duped on deal by elderly button-shop owner

Real estate titan: I was duped on deal by elderly button-shop owner
781 Fifth Avenue (Credit: StreetEasy, Beyond My Ken via Wikipedia)

Full-floor Sherry-Netherland pad relists — at nearly half its 2015 ask

Full-floor Sherry-Netherland pad relists — at nearly half its 2015 ask
Linda Ellerbee and 17 St. Luke’s Place

Famed journalist and singer unload their New York City homes

Famed journalist and singer unload their New York City homes
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...