The NYC apartment market’s last bargain? Postwar pads

Units built in the 1950s still come relatively cheap

New York /
Nov.November 10, 2017 10:45 AM

The Sovereign at 425 East 58th Street in Sutton Place

Looking for that elusive bargain in NYC’s real estate market? Rather than searching by neighborhood, apartment buyers should consider searching by building age.

Postwar apartments are by far the cheapest on average, according to data from appraisal firm Miller Samuel. Between June 2016 and June 2017, the average sales price for the city’s newest apartments was $3.05 million. Prewar pads sold for $1.5 million on average. But units built in the 1950s went for a mere $737,500.

Most postwar apartments were designed as cheap rentals — often small, with low ceilings and nestled in big, anonymous apartment blocks. They were turned into co-ops during the conversion wave of the 1980s, but kept low price tags.

“For a while, they were despised by people who thought they had the right to despise them,” NYU architectural historian Carol Herselle Krinsky told the New York Times, adding that “things haven’t changed much” in that respect.

But that stigma is an opportunity for bargain hunters. Compass broker Jaclyn Treinkman, for example, recently listed a Greenwich Village postwar apartment for $550,000. Similar but newer apartments in the neighborhood, she said, would go for $700,000. [NYT]Konrad Putzier 


Related Articles

arrow_forward_ios
Fredrik Eklund with Tyler Whitman, Ryan Serhant, and Kirsten Jordan and Steve Gold (Getty, Bravo TV)
“The end of an era”: Fredrik Eklund quits Million Dollar Listing
“The end of an era”: Fredrik Eklund quits Million Dollar Listing
BHS CEO Bess Freedman and BHS agent Madison Sutton (BHS, iStock)
Brown Harris Stevens adding TikTok training to its arsenal
Brown Harris Stevens adding TikTok training to its arsenal
30 Front Street #30A and 72 Poplar Street (Streeteasy)
$8M Dumbo condo tops Brooklyn home contracts
$8M Dumbo condo tops Brooklyn home contracts
From left: Bruce Blakeman, Nassau County Executive, and Laura Curran, former Nassau County Executive (Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Nassau County freezes assessments after home-price surge
Nassau County freezes assessments after home-price surge
160 West 12th Street and 200 Amsterdam Avenue (Corcoran, SJP Properties)
Village, UWS condos tie for Manhattan’s priciest signed contract
Village, UWS condos tie for Manhattan’s priciest signed contract
From left: Don Mullen, chief executive officer, Pretium Partners; Kelli Lawrence, chief executive officer, Onyx+East (Pretium Partners, Onyx+East, iStock)
Pretium to launch $600M JV for build-to-rent development
Pretium to launch $600M JV for build-to-rent development
Fairfield County (iStock)
Looking for a home in Connecticut? Good luck
Looking for a home in Connecticut? Good luck
Kamson founder Richard Kurtz and 1 Frick Drive (Sotheby's International Realty)
“We’re done”: Seller comes to grips with NJ mansion mistake
“We’re done”: Seller comes to grips with NJ mansion mistake
arrow_forward_ios

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

Loading...