Sutton Area TriBeCa Upper East Side Upper West Side Washington Heights West Village The Corcoran Report Battery Park City Beekman Carnegie Hill Central Park South Chelsea Flatiron Clinton East Harlem East Village Financial District Gramercy Greenwich Village Hamilton Heights Manhattan Morningside Heights Harlem Inwood Chinatown Lower East Side Midtown East Midtown West Murray Hill Nolita Roosevelt Island SoHo Sutton TriBeCa Upper East Side Upper West Side Washington Heights West Village The Corcoran Report Battery Park City Beekman Carnegie Hill Central Park South Chelsea Flatiron Clinton East Harlem East Village Financial District Gramercy Greenwich Village Hamilton Heights Manhattan Morningside Heights Harlem P r e s e n t ed b y Peter Comitini Senior VP Associate Broker The Corcoran Group 917.439.3856 pcc@corcoran.com How much is your property worth? Contact me for a free evaluation A comprehensive analysis of the residential real estate market in Manhattan.
Page 2 Welcome to the Corcoran Report, our quarterly examination of Manhattan s residential real estate market. This report uses market-wide data based on transactions that closed in the First Quarter 2013 (January 1 through March 31) and compares it to closings that took place last quarter and during the same quarter last year. Closings typically occur eight-to-twelve weeks after a contract is signed. For that reason, the closed sales activity discussed trails actual market conditions. Manhattan transaction activity was solid in First Quarter 2013, increasing 1% from First Quarter 2012 to 2,826 closings. A 24% increase in the number of signed contracts from the same time last year illustrates this quarter s exceptional sales momentum. In addition, the number of new contracts signed this quarter exceeded the quarterly average, making it the strongest First Quarter sales performance since 2007. New developments are a large driver of this surge in contract activity. For example 56 Leonard Street, the luxury new development tower in TriBeCa, is already 50% sold with over $450 million in signed contracts since its sales center opened in February. Demand for new development property is so strong that buyers are once again purchasing homes based on floor plans. The market-wide trend of declining inventory continued this quarter with a 26% decrease compared to last year. This is the eighth consecutive quarter of year-over-year inventory decline; we are now 50% below the inventory peak of First Quarter 2009. Buyers are reacting to limited inventory by making immediate offers, participating frequently and aggressively in bidding wars, and evincing fervent demand for new development product. s in First Quarter 2013 were mixed. Market-wide pricing was stable versus a year ago and declined slightly versus the Fourth Quarter 2012 due to sales activity that anticipated new tax implications. Resale co-ops grew to represent 60% of closings this quarter and this shift in property type also affected marketwide prices. Strong demand for new product drove a 37% year-over-year increase in new development median price and a 6% increase in average price per square foot. Resale condos also held their value with average price per square foot up 1% from last year and median price up 12%. The median price for resale co-ops fell 2% from last year, while average price per square foot increased 2%. Continued steady demand is anticipated from local, national and international sources, putting 2013 on pace for a strong Spring selling season. If you have any questions regarding your future and specific needs, our agents are here to help you with expert market knowledge and exceptional service. Corcoran is the leader in our marketplace and we look forward to working with you. For the most comprehensive analysis of the Manhattan, Brooklyn, East End and South Florida residential markets, visit the Reports page of our website at www.corcoran.com/thecorcoranreport. Sincerely, Pamela Liebman Chief Executive Officer The following members of the The Corcoran Group made significant contributions to this report: Helen Howe I Douglas LaMere I Ryan Schleis I Joshua Sachs I Kirsten Spanjer The following members of the PropertyShark team made significant contributions to this report: Matthew Haines I Calin Onet I Robert Raiz I Claudia Santa I Robert Sarb
Market Trends growth in First Quarter 2013 was not uniform. With limited inventory, the new development market performed well and resale condos experienced yearover-year price gains. Resale co-op median price decreased due to a shift towards smaller residences. This had a strong effect on market wide price metrics as resale co-ops comprised the majority of sales this quarter. Page 4 Midtown West Side West Side resale co-op prices increased compared to last year but were lower than Fourth Quarter 2012 due to the influx of high end sales at the end of 2012. Resale condo median price increased year-over-year by 20%. Limited new development supply on the West Side continues to put upward pressure on prices. Page 12 Resale co-op median price was even from both First Quarter 2012 and Fourth Quarter 2012. Midtown resale condos experienced strong median and average price per square foot gains compared to First Quarter 2012. Limited availability for smaller residences caused significant year-over-year price jumps for the Midtown new development market. Page 13 Financial District and Battery Park City Strong one and two bedroom sales drove stable price growth for Financial District and Battery Park City resale condos. New developments in Battery Park City dominated the submarket s new development closings this quarter, causing prices to decline compared to First Quarter 2012. Page 15 Interactive map online at propertyshark.com/maps PropertyShark.com s map of Manhattan plots sales in the First Quarter according to the number of sales and their respective prices per square foot. Page 3 View all our current market reports for the most comprehensive analysis of Manhattan, Brooklyn, Hamptons and South Florida at www.corcoran.com/thecorcoranreport Uptown Uptown co-op median price was stable compared to last year and average price per square foot was higher than both last year and Fourth Quarter 2012. Resale condo median price increased year-over-year by 48%. Uptown new developments continue to see price appreciation as average price per square foot increased 12% from First Quarter 2012 and 8% from Fourth Quarter 2012. Page 16 East Side Increased market share under $500K drove resale co-op median price and average price per square foot down this quarter. Resale condo average price per square foot increased year-over-year by 4%. Increased market share for one bedrooms caused East Side new development prices to decrease from both First Quarter 2012 and Fourth Quarter 2012. Page 11 Downtown Strong demand from entry level buyers shifted co-op sales towards smaller residences this quarter, which caused a decline in median price compared to last year. Scarcity of condo inventory Downtown drove prices significantly higher. Downtown new development median price increased 51% from First Quarter 2012 and 16% from Fourth Quarter 2012. Page 14 Number of sales per building: Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units Average price per square foot (SF): Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available The Corcoran Report Manhattan is based on data collected by The Corcoran Group from internal and external resources including the public records of the City of New York. The Corcoran Group is a licensed real estate broker owned and operated by NRT LLC. Equal Housing Opportunity. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice. All dimensions provided are approximate. To obtain exact dimensions, Corcoran advises you to hire a qualified architect or engineer.
Page 4 Manhattan Market Wide Sales - Closings There were approximately 2,800 closed sales during First Quarter 2013, an increase of 1% from First Quarter 2012. Due to market seasonality, first quarter closings are usually lower compared to the rest of the year. The 23% decrease in closed sales from the very strong Fourth Quarter 2012 was exacerbated by the flurry of closings at year end. Number of Closed Sales 5,500 AVERAGE 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13* Sales - Contracts Signed Contract signed figures are derived from the number of listings reported as in contract during the quarter. Most of these contracts will close eight to twelve weeks later, often in the following quarter. However, with the return of a new development pre-sale market, contracts may close as many as three years after signing. A number of well received new developments launched for sales in First Quarter 2013 and their strong sales performance helped propel contract activity to a 24% increase compared to First Quarter 2012. Contract activity demonstrates the current strength of the market, with sales activity up 25% compared to Fourth Quarter 2012. 4,000 Condo Contracts Co-op Contracts Average 3,500 3,000 Contracts Signed 2,500 2,000 1,500 1,000 500 0 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 * Current quarter sales figures are estimated based on the number of sales as of report preparation plus the typical number of sales reported after publication.
Page 5 Manhattan Market Wide Sales by Category Closings at the top end of the market (over $5MM) declined this quarter to represent 2% of all closings, compared to 4% in both Fourth Quarter 2012 and First Quarter 2012. The decrease was partly driven by tax policy uncertainty at the end of 2012, which compelled many high end buyers to close before year-end. Furthermore, First Quarter 2013 also saw an increase in resale co-op sales. This increase contributed to higher market share for the lower end of the market. Sales under $500K represented 25% of all closings compared to 23% in Fourth Quarter 2012 and 26% in First Quarter 2012. $0-$500K $500K-$1MM $1MM-$2MM $2MM-$3MM $3MM-$5MM $5MM+ 1Q13 25% 36% 23% 8% 6% 2 % Quarter 4Q12 23% 37% 22% 9% 6% 4% 1Q12 26% 36% 22% 7% 5%4% 0% 20% 40% 60% 80% 100% Neighborhood Sales Comparison Property Type Sales Comparison 16% 10% 5% 29% 15% 5% 9% 26% 20% 26% 14% 26% 21% 20% 25% 20% 54% 60% Downtown West Side East Side Midtown FD/BPC Uptown Downtown market share declined to represent 26% of closings this quarter, down from 29% in First Quarter 2012. East Side market share expanded to a quarter of all closings in First Quarter 2013, up from 21% in First Quarter 2012. Market share in other neighborhoods was largely unchanged from First Quarter 2012. * Percentages may not total 100 due to rounding. Resale Condo Resale Co-op New Development A shift in property type market share had a strong effect on pricing this quarter. Resale co-ops grew to represent 60% of First Quarter 2013 sales. Many new developments launched for pre sales in First Quarter 2013 but there were few closings. New development market share decreased to 14% in First Quarter 2013, down from 20% in First Quarter 2012.
Page 6 Manhattan Market Wide Inventory - Total and New Listings Market wide inventory decreased 26% compared to First Quarter 2012. This is the eighth consecutive quarter of year-over-year inventory decline. Available listings typically increase significantly from Fourth to First Quarter in anticipation of the strong Spring season. However for the last three years, Manhattan has experienced muted inventory growth for the start of the new year. In 2010 inventory increased 14% from Fourth Quarter 2009 to First Quarter 2010 while this year inventory increased 4% over the same period. 14,000 12,000 10,000 Number of Listings 8,000 6,000 4,000 2,000 0 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 Total Listings 9,572 9,968 10,761 11,231 12,336 11,216 9,718 7,942 9,068 9,406 9,243 8,829 9,181 9,171 8,989 7,787 8,438 7,948 7,187 6,010 6,225 New Listings 6,648 6,135 5,769 5,172 7,229 5,821 4,904 4,369 6,005 6,156 5,501 4,603 6,406 5,957 5,316 4,292 6,000 5,687 4,546 3,871 4,280 Percent New Listing 69% 62% 54% 46% 59% 52% 50% 55% 66% 65% 60% 52% 70% 65% 59% 55% 71% 72% 63% 64% 69% Co-op Inventory Co-op inventory increased 7% compared to Fourth Quarter 2012. Despite this uptick in new listings for the Spring selling season, co-op inventory is 27% lower than First Quarter 2012. 1Q12 4Q12 1Q13 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Total Listings Condo Inventory Condo inventory only increased 2% from last quarter and still remains well below 3,000 listings. Despite several new development openings, condo inventory is 26% lower than First Quarter 2012 and 59% lower than its peak in First Quarter 2009. 1Q12 4Q12 1Q13 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Total Listings
Page 7 Manhattan Market Wide s Resale Co-ops, Resale Condos and New Developments Market wide average price per square foot was even with First Quarter 2012 and down 6% from the strong Fourth Quarter 2012. Low mortgage rates and high rental rates continue to entice entry level buyer interest. This type of demand resulted in increased market share for smaller apartments and resale co-ops which lowered prices this quarter. price was stable from First Quarter 2012 and decreased 7% from Fourth Quarter 2012. Average Sale ALL SALES 1.258M 790K 1,040 370K 629K 1.210M 2.650M -20% -7% -6% -2% -4% -10% -11% 1.579M 850K 1,107 379K 657K 1.340M 2.987M 1.258M 790K 1,040 370K 629K 1.210M 2.650M -10% -1% -1% -7% -1% -4% -2% 1.404M 799K 1,047 399K 635K 1.260M 2.698M Market Wide Historical Sale - Four Years $1,000,000 Sale Average PPSF $1,300 $950,000 $1,200 $900,000 $1,100 $850,000 $1,000 $800,000 $900 $750,000 $800 $700,000 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 $700
Page 8 Resale Co-ops Increased market share for studio and one bedroom co-ops caused median price to decrease from both First Quarter 2012 and Fourth Quarter 2012. Average price per square foot increased year-over-year by 2% but declined 5% from Fourth Quarter 2012 due to the influx of high-end sales that closed at the end of 2012. Resale Co-op Historical Sale $750,000 CO-OPS Average Sale 947K 630K 841 325K 535K 999K 1.937M -29% -5% -5% -3% -3% -9% -27% 1.337M 660K 888 335K 550K 1.097M 2.645M 947K 630K 841 325K 535K 999M 1.937M -16% -2% 2% -4% 1% 0% -12% 1.130M 640K 823 340K 530K 998K 2.200M Sale Average PPSF $1,000 $700,000 $900 $650,000 $800 $600,000 $700 $550,000 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 $600 Resale Condos Demand is strong for the limited condominium inventory available in the market. Scarcity pushed resale condo median price 12% higher than last year and 3% higher than Fourth Quarter 2012. Resale condos experienced the same influence from high end closings at the end of 2012, evidenced by a 4% decrease in average price per square foot compared to Fourth Quarter 2012. Resale Condo Historical Sale $1,300,000 CONDOS Average Sale 1.654M 1.118M 1,242 540K 808K 1.635M 3.100M -13% 3% -4% 6% -2% 0% -6% 1.898M 1.080M 1,294 510K 825K 1.635M 3.300M 1.654M 1.118M 1,242 540K 808K 1.635M 3.100M -5% 12% 1% 17% 7% 9% 15% 1.733M 995K 1,232 462K 753K 1.500M 2.700M Sale Average PPSF $1,400 $1,150,000 $1,300 $1,000,000 $1,200 $850,000 $1,100 $700,000 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 $1,000
Page 9 New Developments Market share for new development has fallen due to limited inventory, though demand remains robust as witnessed by the significant year-over-year price gains. New development median price increased 37% from First Quarter 2012. Increased market share for larger new development residences contributed to this substantial year-over-year median growth. Average price per square foot was even with last quarter and 6% higher than First Quarter 2012 at $1,260 per square foot. MARKET WIDE Average Sale 1.884M 1.312M 1,260 628K 795K 1.450M 3.411M 1% 3% 0% 9% 0% -4% 12% 1.862M 1.271M 1,259 575K 794K 1.515M 3.052M 1.884M 1.312M 1,260 628K 795K 1.450M 3.411M 10% 37% 6% 12% -1% -5% 10% 1.706M 958K 1,193 559K 799K 1.530M 3.103M Historical New Development Sale $1,600,000 Sale Average PPSF $1,450 $1,500,000 $1,400 $1,400,000 $1,350 $1,300,000 $1,300 $1,200,000 $1,250 $1,100,000 $1,200 $1,000,000 $1,150 $900,000 $1,100 $800,000 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 $1,050
Page 10 Luxury Market Manhattan s luxury market is defined as the top 10% of all co-op and condo transactions. Average and median prices decreased in this top segment of the market from both First Quarter 2012 and Fourth Quarter 2012. Closings over $15MM represented 2% of luxury sales in First Quarter 2013 compared to 7% in Fourth Quarter 2012. This is partly attributable to the rush by high end buyers to close before the end of year due to the national tax policy uncertainty. The record breaking $88 million sale at 15 Central Park West closed in First Quarter 2012 and influenced that quarter s luxury price metrics. If we consider contract signed activity, sales over $3MM are dramatically higher than this time last year. Many of the high end new developments currently in pre-sales are responsible for the significant increases at the high end of the market. Furthermore, contract signed activity over $15MM has tripled versus First Quarter 2012. ALL SALES Average Sale per sf 4.506M 3.650M 1,875-34% -22% -16% 6.796M 4.709M 2,236 4.506M 3.650M 1,875-23% -13% -9% RESALE CO-OPS Average Sale per sf 4.170M 3.218M 1,681-43% -31% -19% 7.306M 4,646M 2,081 4.170M 3.218M 1,681-20% -14% -1% 5.834M 4.200M 2,065 5.217M 3.750M 1,692 NEW DEVELOPMENTS Average Sale per sf 5.885M 4.900M 1,988-2% 7% 0% 5.994M 4.565M 1,989 5.885M 4.900M 1,988-9% -9% -7% 6.447M 5.397M 2,127 RESALE CONDOS Average Sale per sf 4.091M 3.300M 1,895-36% -31% -19% 6.360M 4.750M 2,343 4.091M 3.300M 1,895-33% -13% -16% 6.073M 3.800M 2,264 Townhouses Average townhouse pricing can be highly variable each quarter due to the low number of transactions. West Side townhouses had a strong First Quarter with price increases from both last quarter and First Quarter 2012. Average price increased 10% from last quarter and was up 16% year-over-year. East Side townhouse average price increased by 44% from First Quarter 2012 and was even with Fourth Quarter 2012. The most expensive townhouse sale this quarter was on the East Side at 106 East 71st Street, which closed for $22.85 MM. Uptown median price increased 53% and average price was up 23% from First Quarter 2012. East Side West Side Downtown Uptown Average Average Average Average ALL SALES 10.301M 6.488M 4.652M 3.895M 5.584M 4.500M 1.295M 1.293M 0% -23% 10% 2% -14% -20% -28% -1% 10.275M 8.375M 4.219M 3.834M 6.515M 5.650M 1.808M 1.300M 10.301M 6.488M 4.652M 3.895M 5.584M 4.500M 1.295M 1.293M 44% 3% 16% 13% -6% 0% 23% 53% 7.140M 6.313M 3.998M 3.450M 5.936M 4.500M 1.057M 848K
Page 11 East Side Resale Co-ops EAST 96TH STREET East River East Side co-op median price decreased 12% from last quarter and 17% from last year partly due to significant price reductions in larger three plus bedroom co-ops. Smaller studio and one bedroom co-ops represented over 50% of East Side closing this quarter and two thirds of those sales were under $500K. This increased market share drove median price and average price per square foot down this quarter. Central Park CO-OPS 726K 842 320K 498K 1.031M 2.345M -12% -9% 2% -5% -7% -36% 828K 929 315K 523K 1.113M 3.684M 726K 842 320K 498K 1.031M 2.345M -17% -3% 3% 5% -12% -30% 879K 869 310K 475K 1.170M 3.350M 5TH AVENUE FDR DRIVE Roosevelt Island Resale Condos East Side resale condo market experienced mixed median pricing results in First Quarter 2013. price increased 4% from Fourth Quarter 2012 but decreased 3% from First Quarter 2012. Resales at One Beacon Court helped drive average price per square foot up 4% from First Quarter 2012. EAST 57TH STREET CONDOS 975K 1,231 446K 700K 1.400M 3.300M 4% -3% -1% 1% -10% -6% 940K 1,266 451K 690K 1.550M 3.500M 975K 1,231 446K 700K 1.400M 3.300M -3% 4% 1% 7% -1% 25% 1.005M 1,189 440K 653K 1.413M 2.650M Average price per square foot (SF): Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available Number of sales per building: Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units Interactive map online at PropertyShark.com/maps New Developments Pricing for East Side new developments fell this quarter largely due to a decrease in average apartment size. price decreased year-over-year by 35% due to increased market share for one bedrooms. One bedroom median price significantly increased compared to Fourth Quarter 2012 and First Quarter 2012 but did not offset the absence of the high prices achieved by larger two and three bedroom new developments. This shift towards one bedrooms also affected average price per square foot which decreased from both last quarter and last year. NEW DEVELOPMENTS 1.324M 1,406 N/A 1.160M 2.106M 4.000M -42% -7% N/A 63% -4% 17% 2.300M 1,516 590K 713K 2.18M 3.412M 1.324M 1,406 N/A 1.160M 2.106M 4.000M -35% -5% N/A 9% -3% -1% 2.023M 1,486 531K 1.065M 2.180M 4.050M
Page 12 WEST 110TH STREET West Side Resale Co-ops Hudson River Central Park West Side co-op median price increased 4% and average price per square foot was up 3% compared to last year. The significant price decreases compared to Fourth Quarter are a clear demonstration of the rush by high end buyers to close before the end of the year, leaving fewer transactions to occur in First Quarter 2013. There were a number of sales over $10MM that closed in the final days of December 2012, which inflated Fourth Quarter 2012 figures. WEST SIDE HWY CENTRAL PARK WEST CO-OPS 730K 912 352K 560K 1.125M 2.219M -11% -6% 10% -7% -6% 1% 823K 968 320K 605K 1.200M 2.200M 730K 912 352K 560K 1.125M 2.219M 4% 3% -2% 1% 6% 1% 700K 883 360K 555K 1.057M 2.200M Resale Condos WEST 57TH STREET CENTRAL PARK SOUTH 5TH AVE The West Side is one the most inventory deprived submarkets in the city. The little condominium inventory that does come on the market sells for high prices, as evidenced by the 20% increase in median price from First Quarter 2012 and the 8% increase from Fourth Quarter 2012. Resale condos experienced the same highend rush to close as West Side co-ops, which exaggerated Fourth Quarter 2012 average price per square foot. Average price per square foot (SF): Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available Number of sales per building: Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units Interactive map online at PropertyShark.com/maps CONDOS 1.263M 1,369 580K 872K 1.570M 3.175M 8% -9% 3% 1% -5% 2% 1.171M 1,511 565K 859K 1.650M 3.108M 1.263M 1,369 580K 872K 1.570M 3.175M 20% -12% 12% 8% -8% -5% 1.050M 1,552 518K 806K 1.710M 3.350M New Developments West Side new developments had a very strong start to the 2013. The West Side has incredibly limited new development inventory and as a result there were fewer sales this quarter, but almost all the closings were at the top end of the market. price increased year-over-year by 47% and average price per square was up 3% compared to First Quarter 2012. price increased 28% and average price per square foot increased 4% from Fourth Quarter 2012. NEW DEVELOPMENTS 3.319M 1,593 N/A 750K 2.393M 3.799M 28% 4% N/A -21% 17% 19% 2.598M 1,528 748K 950K 2.038M 3.188M 3.318M 1,593 N/A 750K 2.393M 3.799M 47% 3% N/A -13% 17% 2% 2.253M 1,553 766K 860K 2.048M 3.727M
Page 13 Midtown WEST 57TH STREET EAST 57TH STREET Average price per square foot (SF): Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available WEST SIDE HWY FDR DRIVE Number of sales per building: Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units WEST 34TH STREET EAST 34TH STREET Interactive map online at PropertyShark.com/maps Resale Co-ops price for Midtown co-ops was stable from both last quarter and last year at $525K. While average and median price remained even, average price per square foot saw solid gains as the value of space appreciated. Average price per square foot increased 6% from First Quarter 2012 and was 3% higher than Fourth Quarter 2012. Resale Condos growth for three plus bedroom resale condos in Midtown contributed to a strong increase in median price. At $985K, resale condo median price increased year-over-year by 16% and was up 4% from Fourth Quarter 2012. Average price per square foot increased 4% from First Quarter 2012 partly due to sales in a few of Midtown s prime towers with Central Park views. CO-OPS 525K 756 295K 490K 988K 1.775M 0% 3% 1% -4% 1% 6% 527K 731 293K 509K 975K 1.668M 525K 756 295K 490K 988K 1.775M 0% 6% -7% 0% 3% 1% 524K 713 318K 487K 958K 1.750M CONDOS 985K 1,191 519K 834K 1.181M 2.710M 4% -2% 5% 0% -16% 14% 950K 1,212 495K 829K 1.413M 2.375M 985K 1,191 519K 833K 1.181M 2.710M 16% 4% 21% 11% -19% 23% 850K 1,143 430K 750K 1.450M 2.200M New Developments There were far fewer Midtown new development closings this quarter due to limited inventory. s increased significantly from First Quarter 2012, but declined from Fourth Quarter 2012. The remaining units in many of Midtown s new developments are larger residences, which caused median price to increase 73% from last year. The limited availability for smaller residences influenced closings in Fourth Quarter 2012 as well, and as a result, First Quarter 2013 median price was 14% lower than last quarter. NEW DEVELOPMENTS 2.093M 1,495 N/A 1.284M 2.323M 2.848M -14% -4% N/A -11% -16% 8% 2.431M 1,559 666K 1.450M 2.760M 2.647M 2.093M 1,495 N/A 1.284M 2.323M 2.848M 73% 14% N/A 15% 40% 15% 1.213M 1,310 605K 1.120M 1.662M 2.469M
Page 14 Downtown Resale Co-ops Downtown co-op median priced decreased 3% from last year but was 2% higher than Fourth Quarter 2012. Low mortgage rates and record high rental rates Downtown continue to entice entry level buyer interest. This type of demand shifted co-ops sales towards smaller residences compared to First Quarter 2012. The value of Downtown co-ops has appreciated over the last year, evidenced by a 6% jump in average price per square foot. 34TH STREET FDR DRIVE WEST SIDE HWY CO-OPS 660K 960 413K 655K 1.188M 2.095M 2% -1% 7% 4% -10% -22% 649K 965 385K 630K 1.325M 2.700M 660K 960 413K 655K 1.188M 2.095M -3% 6% 12% -2% 4% 4% 678K 903 370K 670K 1.138M 2.015M Resale Condos Downtown has one of the strongest supply-demand dynamics in Manhattan. Under supply and strong demand pushed resale condo prices higher in First Quarter 2013. price increased by 22% from First Quarter 2012. Scarcity is driving the value of these limited condominium listings up as evidenced by the 13% year-over-year increase in price per square foot. Hudson River BARCLAY STREET BROOKLYN BRIDGE East River CONDOS 1.800M 1,424 335K 1.150M 2.025M 3.425M 3% 2% -34% 20% -6% -24% 1.750M 1,392 510K 960K 2.150M 4.500M 1.800M 1,424 335K 1.150M 2.025M 3.425M 22% 13% -36% 33% 9% 7% 1.475M 1,264 520K 868M 1.850M 3.200M Average price per square foot (SF): Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available Number of sales per building: Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units Interactive map online at PropertyShark.com/maps New Developments Downtown new development experienced a substantial jump in median pricing from both last year and last quarter. price increased 51% from First Quarter 2012 and 16% from Fourth Quarter 2012. The majority of new developments opening for sales in 2013 are located Downtown and the strong prices of First Quarter 2013 are a good indicator for the strength of the Downtown market. NEW DEVELOPMENTS 1.650M 1,453 680K 1.050M 1.809M 4.281M 16% 0% -5% 0% 8% 7% 1.425M 1,447 712K 1.055M 1.674M 4.000M 1.650M 1,453 680K 1.050M 1.808M 4.281M 51% 3% 21% 24% -2% -13% 1.090M 1,404 562K 850K 1.844M 4.932M
Page 15 Financial District and Battery Park City Resale Condos Financial District and Battery Park City resale condos experienced stable price growth from last year due to strong one- and twobedroom price performance. price increased 3% from First Quarter 2012 and average price per square foot was even at $876 per square foot. Closings at Riverhouse and the Ritz Carlton drove median price higher in Fourth Quarter 2012, and as a result, median price was 15% lower than last quarter. This submarket still suffers from an over-supply of condominiums and therefore price growth has been muted compared to other submarkets in the city. WEST STREET BROADWAY CHAMBERS STREET BROOKLYN BRIDGE CONDOS 688K 876 414K 565K 1.323M 2.050M -15% -1% -20% -6% 32% 8% 811K 889 520K 600K 999K 1.900M 688K 876 414K 565K 1.323M 2.050M 3% 0% -10% 20% 24% -1% 665K 873 462K 470K 1.068M 2.065M BARCLAY STREET Resale Co-ops There is very limited cooperative inventory in the Financial District and Battery Park City, and as a result there was not a statistically significant number of sales to draw any meaningful conclusions. Hudson River FDR DRIVE East River Average price per square foot (SF): Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available Number of sales per building: Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units Interactive map online at PropertyShark.com/maps New Developments The majority of new development sales over the past two quarters have been in Battery Park City conversions, such as One Rector Place and 225 Rector Place. s increased from Fourth Quarter 2012 as larger units closed in these projects. First Quarter 2013 median price and average price per square foot were lower than First Quarter 2012 when closings at large tower developments, such as the W Downtown and the Visionaire, dominated sales. NEW DEVELOPMENTS Q1 2011 873K 1,085 578K 744K 1,413M 2.075M 11% 7% 7% 3% 19% -5% 787K 1,011 539K 725K 1,188M 2.180M 873K 1,085 578K 744K 1.413M 2.075M -7% -2% 5% -18% 12% 18% 937K 1,102 552K 906K 1.261M 1.757M
Page 16 Uptown Resale Co-ops price for Uptown co-ops was even with First Quarter 2012 but 9% lower than Fourth Quarter 2012 largely due to a significant drop in pricing for three plus bedroom co-ops. Average price per square foot was strong this quarter, up by 4% from last year and 2% from Fourth Quarter 2012. CO-OPS 328K 439 190K 272K 405K 560K -9% 2% 10% -1% -6% -28% 360K 431 173K 275K 430K 777K 328K 439 190K 272K 405K 560K 0% 4% -11% -9% 7% 20% 328K 422 215K 299K 378K 465K Harlem River Resale Condos Uptown resale condos continued the price growth from last quarter and experienced substantial gains from last year. At $665K, median price was up 48% from First Quarter 2012 and up 10% from Fourth Quarter 2012. Average price per square foot was even with First Quarter 2012 and 10% higher than Fourth Quarter 2012. CONDOS 665K 608 N/A 440K 718K 935K 10% 10% N/A 0% 14% 15% 606K 551 213K 440K 630K 812K 665K 608 N/A 440K 718K 935K 48% 0% N/A 45% 30% -6% 449K 609 279K 304K 550K 995K HENRY HUDSON PKWY HARLEM RIVER DRIVE Average price per square foot (SF): Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available Number of sales per building: Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units Interactive map online at PropertyShark.com/maps WEST 110TH STREET Central Park EAST 96TH STREET New Developments Uptown new developments continue to be a strong market segment with consistent price growth. price was even from last quarter and 14% higher than First Quarter 2012. Average price per square foot experienced significant appreciation from both last quarter and last year, increasing by 8% and 12%, respectively. NEW DEVELOPMENTS 602K 746 N/A 499K 605K 1.840M 1% 8% N/A 8% 4% 45% 599K 693 N/A 460K 580K 1.266M 602K 746 N/A 499K 605K 1.840M 14% 12% N/A 16% -15% 67% 530K 664 400K 432K 716K 1.099M