New York Real Estate Market Report Week of Oct. 1 to 7

October 7, 2009 Updated: May 26, 2010

NEW YORK—Buyers are buying and buying at lower price points, according to data based on approximately 3,300 recorded sales in Streeteasy's Q3 2009 Quarterly Report on the Manhattan residential market.

The average Manhattan closing price this quarter fell 2.3 percent to $1.254 million since last quarter and by 16.4 percent since last year. The resale volume has gone up 68.4 percent, from last quarter, but is down by 21.7 percent compared to the same quarter last year. It's a slow recovery.

Co-ops are moving much faster than they did last quarter; co-op resales have increased by 85 percent.

Sales

On Streeteasy.com this week, there are 22,125 listings with an address. For Manhattan, the usual suspects: Greenwich Village, Upper West, and Yorkville on the East Side. But among the newly listed addresses are a $2,895,000 loft condo in Tribeca (four bedrooms), a $625,000 four-bedroom condo in Battery Park City, and in the Bronx, 555 Kappock Street is offering up its unit 5M for $123,000. The co-op unit has 2.5 rooms.

Skipping to the very end of Streeteasy's list, there are three listings that have been sitting the longest. A brick-red building at 1634–36 York Ave. needs a developer. Any takers? It was listed 1,244 days ago and is now priced at $35,000,000.

Next in line is a seven-room condo, 515 Park Ave. 20, listed 1,197 days ago. It's now at $10,300,000 after a $500,000 drop about six months ago. The most senior of them all is 502 Park Avenue 19A, for $14,449,500. It has been on the market for 1,251 days as of Wednesday. Interestingly, it upped its price by $4,816,500 about 14 months ago.

Rentals

255 E. 49th St. in Turtle Bay has 10 units at an average price of $3,500. Humble and cozy-looking, the typical of these apartments has 947 sq. ft. of space, it comes with a doorman, and is pet-friendly.

In Chelsea, $2,300 could get you a 625 sq. ft. studio within 2–3 blocks of Penn Station and Herald Square. The building comes with central air-conditioning, elevators, a gym, and in-house laundry.

New Developments

There is a bit of activity on that little strip of an island between Manhattan and Queens. Of the 18 active sales listings at Riverwalk Court, 10 have increased their prices. Over three times as many units are currently in contract—proof that demand is there. The 18-story building offers one-, two-, and three-bedroom units.

Place where the prices are falling: 147 West 142nd St. in Central Harlem has 16 listings, 8 price decreases. 24–50 38th St. in Astoria has 8 listings, 8 decreases. Average price for 800 sq. ft. at the Harlem building is $330,000–$370,000 for 720 sq. ft. in Astoria.