New York City Apartments Prices Up Significantly, Manhattan Tops 23 Percent
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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