Manhattan Real Estate Prices Increasing

March 15, 2012 Updated: October 1, 2015
A view of townhouses in the Murray Hill area on 38th Street in Manhattan. (Benjamin Chasteen/The Epoch Times)
A view of townhouses in the Murray Hill area on 38th Street in Manhattan. (Benjamin Chasteen/The Epoch Times)

NEW YORK—The price of real estate in Manhattan and a few other popular neighborhoods has increased by 9.5 percent in the last six months, according to StreetEasy’s February 2012 “New Development Report.” The median price of real estate is now $1,438,750, up from $1,313,750 six months ago.

The report, which covers the Manhattan area as well as some of the most active neighborhoods in Brooklyn and Queens, such as Williamsburg and Flushing, found that the availability of rentals had declined overall to 6.8 months, from 13.4 months a year ago. This number refers to the number of months it would take to absorb the current inventory, using February’s market activity as the reference.

Some of the most popular rental buildings in Manhattan include the 254 PAS located Downtown, The Aldyn on the Upper West Side, and The Sheffield in Midtown.