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Manhattan co-ops may be having a moment.
In Manhattan, the median co-op sale price came in at $895,000 in the second quarter, an increase of 8.5 percent year over year, according to a TRD Data analysis of recorded home sales.
The increase for co-ops was higher than that of condos. The median price for condos in the borough inched up just 2.9 percent year over year; new development condos were up 7.6 percent.
The climb for co-ops underscores the relatively recent shift in demand for the home type as condo inventory, especially for newly built abodes, dries up. In the second quarter, luxury supply was at its lowest point in 22 years, according to a recent column by housing expert Jonathan Miller.
For all of 2025, the median sale price for Manhattan condos was flat, according to Douglas Elliman’s 10-year housing report, a shift from the year before, when the price had risen about 1.5 percent. Meanwhile, while co-op pricing dropped about 2.4 percent from 2023 to 2024, it climbed the year later, by more than 3 percent.
“People are realizing co-ops are good value, and so there’s been a return to co-ops,” said Lisa Lippman, a real estate agent with Brown Harris Stevens. “They tend to be in the best locations, too.”
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In the second quarter, the highest-priced co-op that sold was for a duplex at 740 Park Avenue in Lenox Hill for $38 million. That was about double the $20 million sale of a unit at 895 Park Avenue on the Upper East Side in the first quarter of the year.
Also in co-ops’ favor: they tend to be larger and have lower monthly fees than condos, Lippman said. Re-sale condos still require board packages that are not dissimilar to co-op requirements.
“People are more open-minded about co-ops again,” Lippman said.
Though both condo and co-op prices are on the rise, the number of transactions dropped for both in the second quarter, by 3.8 percent and 1.9 percent year over year, respectively.
The new pied-à-terre tax also seems to have put a chill on would-be home buyers in the Big Apple, who tend to turn to condos for second homes, she added. Buyers of high-end co-ops tend to use those properties as their main residence.
“I don’t think that this pied-à-terre tax has been good for our market,” said Lippman, who has had buyers walk away from buying properties because of the tax. “It’s a little bit esoteric and convoluted, how [the government] is going to measure it. People are obviously going to try to get around it. But what it does do is, it puts a chill on people purchasing.”
Though co-ops seem to be on the rise, Manhattan’s one- to three-family townhouses dominated in the second quarter. Their median price was $6 million, a more than 38 percent increase compared to the same time the year before, according to TRD Data’s analysis. However, this shift stemmed from several larger-sized deals skewing the data, Miller noted.
The townhouse market in Manhattan recorded just 55 deals in the second quarter, down 11.3 percent year over year.