Financial District sales price jumped 123% last quarter: report

Recovery has been slow in Lower Manhattan, but prices are up

TRD New York /
Oct.October 16, 2020 01:15 PM
Sales prices in the Financial District prove to be an outlier in Lower Manhattan and the borough as whole (iStock)

Sales prices in the Financial District prove to be an outlier in Lower Manhattan and the borough as whole (iStock)

The Financial District’s sales market drove activity in Lower Manhattan last quarter.

Platinum Properties’ quarterly market report found that sales and rental markets stuttered back to life as prices slid and deal volume remained low, with the exception of FiDi’s sales market.

The median sales price in FiDi increased last quarter to $1.89 million from $848,000 at the same time last year — a 123 percent jump. The average price per square foot is now $1,805, up from $1,096.

Platinum’s sales manager Michael Rider said the brokerage, which transacts in Lower Manhattan primarily, saw a mix of first-time buyers and homeowners trading up to bigger apartments in the neighborhood.

The number of deals in the neighborhood have nearly crept up to last year’s level as well — there were 44 sales last quarter compared to 47 a year earlier.

In Battery Park City, the median sales price fell 14 percent year-over-year last quarter to $749,000, down from $857,000 a year earlier. That pencils out to median price per square foot of $1,054 compared to $1,142 last year.

The number of deals has not recovered with a mere 7 deals last quarter, compared to 20 the year before.

Across Manhattan, the number of home sales were down 46 percent.


Related Articles

arrow_forward_ios
40 East 72nd Street and Spiros and Antonia Milonas  (Getty; Google Maps)

Under water: Shipping magnate’s troubled UES condo is bankrupt

Under water: Shipping magnate’s troubled UES condo is bankrupt
U.S. home prices rose with Phoenix, Seattle and San Diego logging the biggest gains (iStock)

US home prices jump 5.2% in August

US home prices jump 5.2% in August
An estimated 12.8 million Americans would owe an average of $5,400 from missed payments (iStock)

Rent debt could reach $70B by year’s end: Moody’s

Rent debt could reach $70B by year’s end: Moody’s
19 Strong Place and 161 Warren Street (Google Maps, iStock)

Brooklyn’s luxury market has best week since before the pandemic

Brooklyn’s luxury market has best week since before the pandemic
14 East 11th Street and 21 East 61st Street (StreetEasy)

“Bidding war”: $28M townhouse tops luxury deals in Manhattan

“Bidding war”: $28M townhouse tops luxury deals in Manhattan
(iStock)

New home sale prices rise but buyers are hanging back

New home sale prices rise but buyers are hanging back
Abandoned malls are being turned into senior housing, giving planners a chance to rethink retirement communities (iStock)

Abandoned malls get new life as senior housing

Abandoned malls get new life as senior housing
Beneath wall to wall carpeting, brokers find herringbone flooring, behind a coat of paint may be a marble mantle, or hidden away could be antique mirror doors. (iStock)

Hidden treasures: Old homes offer up surprises when readied for sale

Hidden treasures: Old homes offer up surprises when readied for sale
arrow_forward_ios

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

Loading...