Real Estate Market Report Week of May 3-11

May 13, 2010 Updated: October 1, 2015

West side view from Central Park.  (Aloysio Santos/The Epoch Times)
West side view from Central Park. (Aloysio Santos/The Epoch Times)
Recorded Sales
Fifty-six sales were recorded in New York City over the last seven days, nine up from the previous week, according to real estate website StreetEasy.

Hitting the $3 million mark was a co-op on the Upper East Side this week. The three bedroom, two-and-a-half bathroom place at 840 Park Avenue sold for $3,150,000.

The 12-story building at 840 Park Avenue is an attractive pre-war house built in 1912. It was designed by George and Edward Blum, and converted to a cooperative in 1953. Only one avenue away from the 77th St subway station, the location also affords an easy walk to art galleries and boutiques.

Only one active listing is now available in this building—a five bedroom, four bathroom co-op that is listed for $9,250,000. On StreetEasy for 53 days so far, this one dropped in price by $1,250,000 four weeks ago.

Apart from a $10 condo shuffle in Clinton, the least-expensive residential sale went to a two-family house at 1060 East 15th St., Midwood, for $25,000. The house next door sold for the same amount, to the same buyer.

For the latest in the residential market, check out the table below using data from the StreetEasy real estate site.

 
Sales By Borough

Manhattan had 27 recorded sales last week, seven more than the previous week. The highest price went to a 3 bedroom, 2.5 bathroom co-op on the Upper East Side for $3,150,000.

One York, the glass palace designed by Enrique Norton/Ten Arquitectos, is experiencing some movement. One two-bedroom, two-bathroom condo sold last week for $1,823,250. Two others are currently in contract—both push past the $3 million mark. But the whopper is the 3 bedroom penthouse, a glassy duplex perched above TriBeCa for $34 million.

Two Greenwich Village co-ops sold, giving a comparison for a one bedroom, one bathroom unit. The co-op at 60 East 9th St. sold for $645,000; while cond-op 9G in The Randall House at 63 East 9th St., sold for $745,000.

Brooklyn stayed steady, pulling in 13 sales last week. An entire building at 1096 Ocean Ave. in Midwood sold for $1,600,000, giving the buyer 16,000 sq. ft. to play with. Subway access five streets away on the B, Q line makes it reasonably accessible.

A parcel of land at 202 Conover St., Brooklyn, sold for $425,000—a rare sale in a market that generally sees land as toxic commodity.

Seven houses were among the 13 sales, situated from Williamsburg to Bedford-Stuyvesant.

Queens was flat again this week, with 10 recorded sales. The most expensive was a two-family house at 23-63 Crescent St., Astoria, for $760,000. The price per sq. ft. for this one turns out to be $292.

The cheapest deal in Queens was a co-op in Corona on Calloway Street for $113,000. The Bronx doubled sales last week compared with the previous week and had four sales ranging from $90,000 to $2,060,500. The top price was for a commercial unit at 1845 Webster Ave., which sold for $2,060,500 and has 6,320 sq. ft. of space.

Two co-ops sold in Spuyten Duyvil and one in Riverdale.

Staten Island moved out of the doldrums and had two sales after three weeks of zilch. A three-family house on Ormsby Ave. was sold for $840,000 and a one-family house on Nash Court were unloaded for $440,144.


Listings

Sales listings this week remained fairly steady, with 23,068 properties listed with an address for sale on StreetEasy—884 were added in the last seven days.

The median price across all boroughs was $675,000, median size was 1,060 sq. ft., and the median price per sq. ft. was $800.

The Atelier at 635 East 42nd St., Clinton, has 60 active sales listings right now. Three have been added recently—all are one bedroom, one bathroom condos for $700,000. The Atelier is a 46-story tower providing a sky-lit indoor pool, a 12,000 sq. ft. health club, a rooftop lounge, and rooftop terraces.

The only drawback for those who travel by mass transit is that the closest metro station is more than three Avenues away. Those with cars are in luck with a 100-vehicle subterranean parking garage.

Manhattan Median price: $965,000 Median size: 1,080 ft² Median price per ft²: $1,026
Brooklyn: Median price: $525,000 Median size: 1,400 ft² Median price per ft²: $406
Queens Median price: $420,000 Median size: 998 ft² Median price per ft²: $487
Bronx: Median price: $291,000 Median size: 1,060 ft² Median price per ft²: $284
Staten Island: Median price: $479,000 Median size: 1,879 ft² Median price per ft²: $280

For $1,500,000 you have 54 listings to choose from—thirteen are currently in contract.

The larger ones are multi-family buildings ranging from 4,944 sq. ft. of floor space in Midwood, Brooklyn, to a 2,400 sq. ft. place in Carroll Gardens.

The largest condo on offer for $1,500,000 is a 2 bedroom, 3.5 bathroom penthouse at 129 West 118 St., Central Harlem. The largest co-op for sale is located at Sutton Place, and is a 2 bedroom, 2 bathroom, 1,600 sq. ft. unit.

If looking out over Central Park is your cup of tea, then a co-op at 80 Central Park West, Lincoln Square, may be just the ticket for $1,500,000. This 1 bedroom, 1.5 bathroom place has a doorman and elevator as well as private outdoor space. Maintenance for this one is $1,495 per month.

The median size for $1,500,000 in Manhattan will provide a buyer with 1,290 sq. ft., at an average of $1,162 per sq. ft.

Rentals

The listings available for rent that include an address on StreetEasy cracked the 10K mark this week, with 10,105 listings.

If you’re in the market for a rental, the median price across all five boroughs is $2,710, a median size of 821 sq. ft., and the median price per sq. ft. is $48.

All but about 1,500 rentals are in Manhattan, and many are listed as “no fee” deals. For $4,000 per month, there are 82 rentals.

For $4,000 per month you can bask in a “gorgeously bright loft” that has five skylights at 383 Canal St. in Soho. Only four days on the market, this 2 bedroom, 2 bathroom condo could be a fast-mover. It has a separate kitchen, dishwasher, and washer/dryer for convenience. Pets are allowed and there is no fee.

The Upper West Side has a two bedroom, one bathroom rental for $4,000 that boasts an elevator, and 11-foot ceilings.


New Developments

Median values for new developments or conversions vary per neighborhood. For a two bedroom place, the median price in Manhattan is $1,515,000, working out at $1,180 per sq. ft. For the same in Brooklyn, the price is $635,000, at $654 per sq. ft. In Queens the median price is $635,000 for a two bedroom place, and the price per sq. ft. is $589. In the Bronx, the median price is $525,000, at $469 per sq. ft.

Across all new developments in all boroughs, the two-bed places are most prolific, with 2,139 of all sizes being two-bed places.

Four buildings that saw price moves in the last week include eight decreases at 80 Metropolitan Ave., six decreases as 1702 Avenue Z, four decreases at Aqueduct Court, and One Hanson Place had five decreases and one increase.

Discussion about the Solarium at 5-43 48th Ave. in Long Island City is active right now with a tit-for-tat with the developer unfolding. Developers Clay123 says: “We always ask ourselves, how do we design and build a building that is pleasing to mostly everyone? The answer is you can't.”

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