{"id":1004039998,"date":"2012-04-12T07:53:05","date_gmt":"2012-04-12T15:53:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004038340"},"modified":"2022-12-08T01:09:23","modified_gmt":"2022-12-08T09:09:23","slug":"manhattan-multi-family-sees-price-increases","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/manhattan-multi-family-sees-price-increases\/","title":{"rendered":"Manhattan Multi-Family Sees Price Increases"},"content":{"rendered":"<p><strong>By Dees Stribling, Contributing Editor<\/strong><br \/>\n<div id=\"attachment_1004038341\" style=\"width: 310px\" class=\"wp-caption alignright\"><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/04\/041212-Manhattan-Apartment-Windows-user-whatleydude.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004038341\" data-attachment-id=\"1004038341\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cpe_1211_ml_winners-150x113-50x50\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/CPE_1211_ML_WINNERS-150x113-50x50.jpg\" data-orig-size=\"50,50\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"CPE_1211_ML_WINNERS-150&#215;113-50&#215;50\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/12\/CPE_1211_ML_WINNERS-150x113-50x50.jpg?w=50\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/04\/041212-Manhattan-Apartment-Windows-user-whatleydude.jpg\" alt=\"\" title=\"041212 - Manhattan Apartment Windows user whatleydude\" width=\"300\" height=\"168\" class=\"size-medium wp-image-1004038341\" \/><\/a><p id=\"caption-attachment-1004038341\" class=\"wp-caption-text\">Image courtesy Flickr user whatleydude<\/p><\/div><\/p>\n<p>According to Brown Harris Stevens\u2019 first-quarter 2012 Manhattan Residential Market Report, the average Manhattan apartment sale price was about $1.9 million, up 9 percent from the same period in 2011. There were 1,800 first-quarter closings all together for co-ops and condos in 2012, 2 percent more than a year ago. A leading factor in the higher average price, according to the company, was a steep increase &#8212; 42 percent &#8212; in the number of sales over $10 million when compared to the same period last year.<\/p>\n<p>The average price for cooperatives sold during the first quarter of 2012 was up 10 percent from a year ago, at $1.2 million. The average Manhattan condo price was $1.9 million, which is the highest average in three years, and up 8 percent from a year ago, with all size categories seeing price increases. New developments accounted for 41 percent of all condo closings, up from 35 percent in the first quarter of 2011.<\/p>\n<p>In the Downtown market, the average condo price per square foot rose 4 percent over the past year to $1,241, according to the report. Smaller apartments showed the biggest gains in average sales price, with studios rising 12 percent over the first quarter of 2011 and one-bedrooms up 11 percent.<\/p>\n<p>The report also said that on the East Side, larger apartments did better than smaller ones, with two bedrooms seeing an increase in average prices of 3 percent compared with the same period last year, while three bedroom and larger apartments saw a 9 percent increase. On the West Side, three bedroom and larger apartments saw a 52 percent increase over the first quarter of 2011 due in large part to the $88 million sale at 15 Central Park West. Leaving that transaction aside, the average price for three-bedroom and larger apartments would be $4.384 million, or 22 percent higher than a year ago.<\/p>\n<p>The sale at 15 Central Park West, in which Brown Harris Stevens represented both the buyer and the seller, had a significant impact on this quarter\u2019s report, noted Hall Willkie, president of Brown Harris Stevens Residential Sales. But he added that it\u2019s important to note that there were 16 other transactions over $10 million that closed this quarter. \u201cNew York City\u2019s recovery continues to best most predictions,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to Brown Harris Stevens\u2019 first-quarter 2012 Manhattan Residential Market Report, the average Manhattan apartment sale price was about $1.9 million, up 9 percent from the same period in 2011.<\/p>\n","protected":false},"author":1201,"featured_media":1004039392,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,10],"tags":[],"class_list":["post-1004039998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-northeast"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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