The Real Deal New York

Manhattan residential sales prices see solid gains since 2004

January 31, 2014 03:50PM

Manhattan residential sales price jumps, varied in different neighborhoods, reveals a resilient real estate market.

The greatest price leaps over the past decade belong to downtown, according to a Manhattan real estate survey from appraisal firm Miller Samuel and Douglas Elliman. In contrast, average sales prices north of West 116th Street and East 96th Street are less even now than what downtown buyers shelled out ten years ago. On the East Side between 42nd and 96th streets, co-op prices have accelerated modestly, while condominiums have skyrocketed.

Downtown, co-op rates posted 57 percent gains over the past ten years and condominium prices grew by 60.5 percent. The average price for a co-op in 2004 was $644,493, but is now over $1 million. Downtown condominiums, likewise, have jumped to nearly $2.1 million from $1.3 million.

Uptown, the average price for condominiums and co-ops was $358,657 in 2004 and is now $505,435. On the East Side, co-op prices have lifted 30 percent — a drop in the bucket compared to the 71.1 percent leap for condominium prices. On the West Side, from 34th Street to 116th Street, co-ops are up 25.9 percent in value, while condominiums have increased by 39.9 percent.

“I’m reassured that after a 9/11 and after a banking and credit collapse, this real estate market can have such resilience,” Steven James, president of Manhattan brokerage at Douglas Elliman, told Forbes “In spite of dips and turns, it can get back on track, collect itself and move forward.” [Forbes]Julie Strickland