New York Real Estate Market Highlights: Week of April 1-8

Another week goes by and residential sales remain in painfully slow, with the average condo price down 10 percent.
New York Real Estate Market Highlights: Week of April 1-8
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4/8/2009
Updated:
10/1/2015
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NEW YORK—Good news, bad news. Bad news first. Another week goes by and residential sales remain painfully slow, with the average condo price down 10 percent. But, things are looking up for Brooklyn and Queens, according to a report released today by ResidentialNYC.com, the real estate listings web site of The Real Estate Board of New York (REBNY).

Sales

19,567 listings on the market still, a net decrease of 300 from two weeks ago. The newest condo listings are in Harlem, Tribeca, and Williamsburg, according to Streeteasy stats. A condo on Fifth Ave. in East Harlem lowered its unit price by $40,000 last week after spending 104 days on the market. A real newcomer is a five-room condo in Midtown going for $1,600,000. It was listed eight days ago.

Though prices are coming down in Manhattan, the average prices in other boroughs are up compared to the same time last year, according to a new report by the Real Estate Board of New York. Queens condominiums saw a 21 percent jump to an average price of $486,000 and in Brooklyn, Greenpoint condominium prices increased seven percent to $543,000.

In the long term, Tribeca condominium prices surged 57 percent to $3,578,000 and on the Upper East Side condominium prices increased 25 percent to $2,377,000 both due to a concentration of closings at several luxury developments.

Rentals

Streeteasy has 12,124 rental listings this week. Their median price is $3,000 and their median size 925 square feet. The largest units are littered throughout the lower half of Manhattan and Downtown Brooklyn. The smallest are on the Upper East and Upper West Sides; the priciest are in the area southeast of Central Park, and the least expensive are rather surprising. 192 Lexington Avenue in the Kips Bay neighborhood are $800; another on 46th street on the West Side is going for the same price. 790 Riverside Drive, a co-op in Washington Heights, has two units at $700.

In the world of co-ops, units across the city fell by 25 percent to $518,000 this quarter compared to the first quarter last year, the result of fewer sales of high-end units.

New Developments

Rockaway is getting some new developments. Of 10 pending, five are in Far Rockaway. Several of them have the word “beach” in their names, marketing on their locations by the water.

Other new developments are following where the money is—they are located in the same neighborhoods where prices are rising: Tribeca, Central Harlem, Williamsburg, and Long Island City.