The Real Deal New York

Amid Manhattan’s low condo inventory, Midtown sees boost

Condo prices in Midtown grew at about three times the rate in the rest of Manhattan
April 03, 2015 01:30PM

While Manhattan is seeing a record drought of condo inventory, one area of the island’s inventory is actually booming.

The number of available condo units in the Midtown submarket grew by 10.5 percent from February 2014, and it was the only submarket to see an inventory growth, according to the latest StreetEasy Manhattan Condo Market Report. Compare that to citywide figures – the total number of units for sale dropped to a record low of 3,175 in February.

Midtown West in particular saw a surge in inventory, with 29.4 percent more units available for sale than last year. Midtown includes the city’s tallest and most luxurious condo developments, such as Extell Development’s One57 and 432 Park Avenue.

Midtown’s prices grew at almost three times the Manhattan rate in February, according to StreetEasy. Condo prices in Midtown grew by 1.9 percent, compared to the rest of Manhattan’s 0.7 percent. [StreetEasy] — Claire Moses