New York City Apartments Prices Up Significantly, Manhattan Tops 23 Percent
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If you were scared off on buying in Manhattan, or any other borough in New York City, because of the housing slowdown, so were vastly mistaken. The city as a whole saw a significant bump in housing values as Manhattan apartments were up 23 percent and the city as a whole was up 20 percent.
So when it comes to conventional wisdom on the macro real estate market and New York, fuhgetaboutit… When buying an apartment in Brooklyn is nearing a half million you are talking some serious coin.
Manhattan had the highest average sales price of apartments at $1,107,000. Brooklyn was second at $441,000 and Queens followed at $257,000.
The average price per square foot for a cooperative was $664, a rise of seven percent compared to last year. The average price per square foot for condominium rose 19 percent to $791.
The average price per square foot for a Manhattan apartment increased three percent to $1,013. Brooklyn and Queens recorded the next highest prices per square foot for an apartment at $476 and $348 respectively.
The median sales price for a condominium increased in all five boroughs. The Bronx and Manhattan showed the highest percentage increases at 17 percent and 10 percent respectively. via The New York Observer.
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