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 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 Third Quarter 2014 (July 1 through September 30) 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 in the resale market but can occur several years later for new developments. For that reason, the sales activity discussed trails actual market conditions. Manhattan registered a solid Third Quarter 2014 performance as strong sales and persistently low inventory continued to drive prices ever-higher. But while price per square foot continues to rise across the market, other market dynamics are starting to shift. The number of closed sales was the second highest figure seen in over five years. Because only Third Quarter 2013 was higher, Third Quarter 2014 registered a 10% year-over-year drop in sales. The number of sales is highly affected by two trends: limited inventory at low price points and the strength of the new development pre-sale market. Only 6% of closed sales this quarter were new development sponsor sales, a remarkably low market share, as most new developments today are still under construction. Inventory is rising. Third Quarter 2014 was the third consecutive quarter to see a gain in active listings, the first sustained, non-seasonal upward trend in inventory since 2008. With 10% more listings available now versus the same time last year, buyers are finally seeing more options on the market. However, the shift in inventory is not consistent, as co-op listings are actually still down 2% year-over-year. It s condo inventory that s growing up 22% year-over-year driven by new developments entering the market. A rule to remember: a market in equilibrium has two times the number of available listings as quarterly sales. With about 4,000 closed sales per quarter in the past year, and only 6,223 listed available inventory, the market overall is still under-supplied. But right now not every neighborhood and price point is exhibiting the same relationship between supply and demand. Note that the market share of inventory in certain price categories diverges widely from the market share of sales. 17% of active listings are over $5M, but in Third Quarter 2014 only 5% of sales were above this price. Average price per square foot continued to climb, up 12% annually to $1,305 market-wide (condo and co-op, new and resale combined). Average price per square foot has now risen year-over-year for eleven consecutive quarters. Resale price per square foot performed strongly year-over-year with co-ops increasing 12% and resale condos increasing 7%. But new development far outpaced the rest of the market, with a 30% rise year-overyear in price per square foot. The new developments closing this quarter tended to be larger residences, in more luxurious buildings and in prime locations. If you have any questions regarding your specific needs, Corcoran agents are here to help you navigate the current market with expert knowledge and exceptional service. For a digital copy of this report and more information on the New York real estate market please visit our website at www.corcoran.com/nyc/advice. Sincerely, Pamela Liebman Chief Executive Officer The following members of the The Corcoran Group made significant contributions to this report: Rebecca Disbrow I Douglas LaMere I Kathleen Mejia I Ryan Schleis I Joshua Sachs I Brie Train The following members of the PropertyShark team made significant contributions to this report: Matthew Haines I Lavinia Husar I Bodor Kalman I Robert Raiz I Mihai Palermo The Corcoran Report is compiled using market-wide data aggregated by PropertyShark, an independent research firm.
Market Trends The Manhattan market shows stability with overall strong but steady price gains in all bedroom types and within most submarkets. New developments showed very significant price increases. Resale co-ops showed price gains in nearly all bedroom types and submarkets. Resale condo prices showed more volatility but overall exhibited positive year-over-year trends. Page 4 Midtown West Side Closings at One57 caused significant price gains on the West Side. Resale price per square foot was up 15% and 16% respectively for condos and coops. Page 12 Midtown resale price was up just 1% versus last year for both condos and co-ops. Smaller units saw higher resale growth in Midtown this quarter; studios saw the biggest gains by unit size in both submarkets. New developments south of 57th Street were very limited. Page 13 Financial District and Battery Park City There were few new development sales in the Financial District / Battery Park City this quarter. Resale condos showed strong annual growth with an 18% increase in average price per square foot and a 24% increase in median price. Page 15 Page 3 View all our current market reports at www.corcoran.com/nyc/advice Uptown Resale co-op price per square foot was up 11% versus last year and resale condo price per square foot was up 21%. An increase in closings of small units and units in Washington Heights brought down the new development averages, however median prices within bedroom categories increased. Page 16 East Side The East Side had another very strong quarter, doubling its median new development price since last year. A higher proportion of three-plus bedrooms sold this quarter versus last year, partially contributing to median price gains. Page 11 Downtown The Downtown resale market showed strong growth in most unit types. Resale co-ops saw an 8% gain in average price per square foot while resale condos saw a 10% gain. In both resale submarkets one and two bedroom units saw the largest annual gains. Page 14 Average price per square foot (SF): 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. Number of sales per building: Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units 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
Page 4 Manhattan Market-wide Sales - Closings There were 4,293 closed sales during Third Quarter 2014, the second highest number of closings in over 5 years. This quarter saw 10% fewer sales year-over-year, but Third Quarter 2013 was the highest quarter for closings since before the downturn. Compared to last quarter sales are up 1%. 5,000 Closed Sales Average 4,500 4,000 Number of Closed Sales 3,500 3,000 2,500 2,000 1,500 1,000 500 0 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 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. The number of contracts signed offers a more immediate measure of the market. With 2,961 contracts signed, Third Quarter was down 16% versus last year. Condo units made up 46% of signed contracts and saw a 21% year-over-year decrease while co-ops saw a 12% decrease. Contracts signed were down 24% versus last quarter, but were just at the average of the past five years. 5,000 Condo Contracts Co-op Contracts Average 4,500 4,000 Number of Contracts Signed 3,500 3,000 2,500 2,000 1,500 1,000 500 0 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 * Current quarter closed sales figures are estimates based on the number of sales as of report preparation plus the typical number of sales reported after publication. Contracts signed figures are estimates based on Corcoran data at time of report publication.
Page 5 Manhattan Market-wide Inventory - Total and New Listings With 6,223 active listings, inventory this quarter was 10% above last year and 8% above last quarter. Inventory appears to have hit a trough in Fourth Quarter 2013 and has been slowly climbing since; all three quarters of 2014 have shown quarter-over-quarter inventory gains. 12,000 10,000 Number of Listings 8,000 6,000 4,000 2,000 0 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 Total Listings 11,231 12,336 11,216 9,718 7,942 9,068 9,406 9,243 8,241 9,029 9,077 8,875 7,726 8,284 7,804 7,082 5,877 6,052 5,718 5,638 4,913 5,380 5,754 6,223 New Listings 5,172 7,229 5,821 4,904 4,369 6,005 6,156 5,432 4,603 6,473 5,957 5,316 4,292 6,000 5,687 4,546 3,871 5,005 5,227 4,567 3,594 3,859 4,694 4,665 Percent New Listing 62% 54% 46% 59% 52% 50% 55% 66% 65% 59% 56% 72% 66% 60% 56% 72% 73% 64% 66% 83% 91% 81% 73% 72% Co-op Inventory Co-op listings are still down slightly year-over-year. At 2,882 currently listed co-ops there are 2% fewer on the market than Third Quarter 2013 but 5% more listings than last quarter. As most co-ops offer a relative bargain versus resale condos and new developments, inventory continues to be absorbed from the market at a quick pace. Condo Inventory At 2,637 listings, condo inventory is up 22% since last year and 5% versus last quarter. The inventory trough for condos occurred during Third Quarter 2013 and listings have begun to replenish, with new development feeding supply. 3Q13 2Q14 3Q14 3Q13 2Q14 3Q14 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Co-op Listings 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Condo Listings Condo Listings
Page 6 Manhattan Market-wide Inventory by Category $0-$500K $500K-$1MM $1MM-$2MM $2MM-$3MM $3MM-$5MM $5MM+ Inventory has shifted slightly toward more expensive units. Units below $1M decreased in market share from 45% to 40% since last year. The biggest year-over-year change occurred in the under $500K category, which lost 4% of market share. Quarter 3Q14 2Q14 15% 25% 22% 11% 11% 17% 16% 25% 21% 11% 10% 16% 3Q13 19% 26% 20% 10% 9% 16% 0% 20% 40% 60% 80% 100% Sales by Category Percent of Sales There was slight growth in share of sales over $5M, from 3% in Third Quarter 2013 to 5% this quarter. Otherwise sales this quarter have remained similarly distributed over the past year. Sales have skewed toward higher prices but not to the same extent as has inventory; 66% of sales fell in the under $1M range, while just 40% of inventory currently does. Quarter 3Q14 19% 37% 24% 9% 6% 5% 2Q14 20% 34% 24% 9% 7% 5% 3Q13 20% 37% 24% 9% 6%3% 0% 20% 40% 60% 80% 100% Percent of Sales Neighborhood Sales Comparison Property Type Sales Comparison 6% 8% 28% 4% 9% 28% 8% 35% 6% 34% 17% 15% 22% 19% 24% 19% 57% 60% Downtown West Side East Side Midtown FIDI/BPC Uptown Resale Condo Resale Co-op New Development Aside from a 2% market share decrease in the Financial District and Battery Park City, all neighborhoods remained within 1% of their market share a year ago. Resale co-ops showed another quarter with year-over-year growth in market-share, up from 57% in Third Quarter 2013 to 60% this quarter. New development market share shrank by 2% while resale condo market share shrunk by 1%. * Percentages may not total 100 due to rounding.
Page 7 Manhattan Market-Wide s Resale Co-ops, Resale Condos and New Developments Market-wide average price increased 15%, year-over-year to $1.645M. price increased 3% to $900K, which is still below the Second Quarter 2008 all-time high of $975K. per square foot continues to climb, up 12% to $1,305 market-wide. Overall prices remained very stable since last quarter; all metrics are within 2%. Market-wide larger units are still seeing higher price gains. Studio growth was 2% while three-plus bedrooms saw a 10% increase. The three-plus bedroom price growth is less pronounced, however, than in past quarters and in several submarkets three+ bedroom median prices saw declines this quarter. Average Sale ALL SALES 1.645M 900K 1,305 444K 735K 1.427M 3.125M -1% -2% 2% 2% 2% -2% 1% 1.666M 919K 1,276 435K 723K 1.459M 3.100M 1.645M 900K 1,305 444K 735K 1.427M 3.125M 15% 3% 12% 2% 7% 6% 10% 1.431M 875K 1,164 435K 685K 1.350M 2.850M Market-wide Historical Sale $1,400,000 Sale Average PPSF $1,400 $1,200,000 $1,300 $1,000,000 $800,000 $600,000 $400,000 $1,200 $1,100 $1,000 $900 Average Per Square Foot $200,000 $800 $0 $700
Page 8 Resale Co-ops Resale co-ops saw another quarter with double digit gains in average price as well as average price per square foot, up 13% and 12% respectively, compared to last year. price was $715K, a 4% gain over last year. By bedroom all unit sizes saw year-over-year growth with one and two bedroom units both up 9%. Quarter-over-quarter also saw positive growth in price per square foot and average price, however median price on two and three bedrooms fell, by 2% and 6% respectively. Resale Co-op Historical Sale $900,000 CO-OPS Average Sale 1.312M 715K 1,043 399K 635K 1.200M 2.498M 5% -1% 5% 4% 2% -2% -6% 1.244M 720K 994 385K 620K 1.225M 2.650M 1.312M 715K 1,043 399K 635K 1.200M 2.498M 13% 4% 12% 4% 9% 9% 6% 1.158M 690K 935 385K 580K 1.100M 2.350M Sale Average PPSF $1,100 Sale $750,000 $600,000 $450,000 $300,000 $150,000 $1,000 $900 $800 $700 $600 Average Per Square Foot $0 $500 Resale Condos Resale condo price per square foot remained nearly unchanged since last quarter at $1,464, which is 7% above last year s figure. price, this quarter at $1.225M, also showed an annual gain but quarterly decline, of 4% and -6%, respectively. Smaller units saw bigger gains in price; annually studios increased in median price 8% while three-plus bedrooms grew by just 1%. Versus last quarter only studios showed a median price increase. Resale Condo Historical Sale CONDOS Average Sale 1.895M 1.225M 1,464 626K 937K 1.767M 3.440M -6% -6% 0% 4% 0% 0% -2% 2.016M 1.300M 1,459 600K 941K 1.775M 3.495M 1.895M 1.225M 1,464 626K 937K 1.767M 3.440M 8% 4% 7% 8% 7% 5% 1% 1.748M 1.175M 1,364 579K 875K 1.675M 3.409M $1,600,000 Sale Average PPSF $1,500 Sale $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $1,400 $1,300 $1,200 $1,100 $1,000 $900 Average Per Square Foot $200,000 $800 $0 $700
Page 9 New Developments Demand for new development continues to support increasingly high quality product and the associated year-over-year price growth. The new development market saw pricing remain nearly level since last quarter but versus last year average price increased 77%, price per square foot increased 30%, and median price increased 26%, to $1.721M. Versus last quarter average price increased 2%, median decreased 7% and price per square foot remained level. New developments skewed larger again this quarter; 25% of all new development sales this quarter were in three-plus bedrooms compared to just 15% of the market overall. While all unit types showed annual median price gains, again the largest growth among new development units occurred in one bedroom and three bedroom-plus units. MARKET-WIDE Average Sale 3.652M 1.721M 1,847 825K 935K 2.037M 7.419M 2% -7% 0% 55% -20% 2% 88% 3.587M 1.847M 1,855 531K 1.173M 1.997M 3.948M 3.652M 1.721M 1,847 825K 935K 2.037M 7.419M 77% 26% 30% 27% 10% 3% 106% 2.060M 1.367M 1,418 650K 850K 1.972M 3.600M Historical New Development Sale $2,000,000 Sale Average PPSF $2,000 $1,800,000 $1,850 $1,600,000 $1,700 Sale $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $1,550 $1,400 $1,250 $1,100 $950 Average Per Square Foot $400,000 $800 $200,000 $650 $0 $500 455 West 20th Street Baccarat Hotel & Residences Warren Lofts 101 West 87
Page 10 Luxury Market Manhattan s luxury market is defined as the top 10% of all co-op and condo transactions and was set this quarter at sales above $3.150M, compared to $2.850M in Third Quarter 2013 and slightly lower than last quarter s cut-off mark of $3.300M. Due primarily to high-end new product introduction the overall luxury market displayed strong growth again year-over-year. Average price increased by 32% and average price per square foot increased by 24%. per square foot reached $2,645, for the luxury submarket. High-end new developments made up 19% of luxury closings this quarter, compared to 12% last year. gains were strong in the resale luxury submarket as well, with double digit increases in both the co-op and condo markets average price and price per square foot. The co-op luxury subset saw larger gains than the condo subset. condo luxury price fell year-over-year by 4% while co-op median increased by 26%. Quarter-over-quarter luxury co-op resales prices increased in all categories. Condo resales decreased in average and median price. ALL SALES Average Sale per sf 7.003M 5.100M 2,645 0% 3% 5% 6.971M 4.930M 2,519 7.003M 5.100M 2,645 32% 24% 24% RESALE CO-OPS Average Sale per sf 6.450M 5.000M 2,362 8% 11% 17% 5.947M 4.500M 2,021 6.450M 5.000M 2,362 30% 26% 29% 5.313M 4.100M 2,132 4.977M 3.975M 1,824 NEW DEVELOPMENTS Average Sale per sf 15.417M 13.746M 4,034-3% 0% -4% 15.883M 13.700M 4,201 15.417M 13.746M 4,034 105% 138% 61% 7.518M 5.779M 2,510 RESALE CONDOS Average Sale per sf 5.676M 3.880M 2,420-8% -14% 1% 6.148M 4.500M 2,393 5.676M 3.880M 2,420 11% -4% 10% 5.094M 4.050M 2,205 Townhouses Average townhouse pricing can be highly variable each quarter due to the low number of transactions. This quarter the East Side posted the largest gains, up 55% in average price and 47% in median price to $14.383M and $11.200M respectively. All submarkets showed double-digit annual gains in median price and average price. Versus last quarter the Eastside saw significant gains while the Westside increased slightly; Uptown stayed close to level and Downtown saw declines. East Side West Side Downtown Uptown Average Average Average Average ALL SALES 14.383M 11.200M 6.295M 5.050M 6.733M 5.850M 1.782M 1.700M 69% 63% 10% -1% -16% -8% -3% -4% 8.518M 6.863M 5.704M 5.125M 7.983M 6.338M 1.845M 1.763M 14.383M 11.200M 6.295M 5.050M 6.733M 5.850M 1.782M 1.700M 58% 47% 21% 12% 43% 34% 21% 39% 9.091M 7.600M 5.198M 4.493M 4.709M 4.350M 1.476M 1.223M
Page 11 East Side EAST 96TH STREET Resale Co-ops East River East Side co-op prices increased compared to last year and last quarter. price was up 8% from Third Quarter 2013 and 3% from Second Quarter 2014. All bedroom categories saw annual gains in median price, except for three bedrooms. One and two bedroom units increased by 11% and 13% respectively year-overyear while studios grew by 9%. Average price per square foot of $1,096 was a 16% gain versus last year and up 8% versus last quarter. Central Park CO-OPS 875K 1,096 360K 599K 1.345M 2.915M 3% 8% 7% 0% 0% -4% 849K 1,015 335K 600K 1.350M 3.025M 875K 1,096 360K 599K 1.345M 2.915M 8% 16% 9% 11% 13% -3% 811K 944 330K 539K 1.195M 2.995M 5TH AVENUE FDR DRIVE Roosevelt Island Resale Condos Resale condos showed a 1% increase year-over-year in price per square foot but a 8% decline in median price. The decline is due to an increase in market share of small unit sales this quarter. One bedrooms had the only median price increase, up 14%. Three-plus bedroom units saw a 17% decline in median price. Compared to last quarter, the East Side saw a 15% decline in median price but no change in average price per square foot. EAST 57TH STREET CONDOS 1.125M 1,392 481K 885K 1.589M 2.990M -15% 0% -12% 18% -2% -13% 1.323M 1,388 545K 750K 1.625M 3.450M 1.125M 1,392 481K 885K 1.589M 2.990M -8% 1% -12% 14% -2% -17% 1.225M 1,376 548K 775K 1.560M 3.613M 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 Due to sales in several high-end buildings such as The Marquand, the East Side saw very large median price and price per square foot increases. price rose from $2.334M to $4.491M, a 112% increase. per square foot reached $2,383, the second highest new development price per square foot among the submarkets. One and three-plus bedroom units saw gains of over 100% in median and price per square foot versus last year. NEW DEVELOPMENTS 4.491M 2,383 N/A 1.769M 3.300M 9.000M 21% 0% N/A 25% 3% 16% 4.075M 2,376 N/A 1.420M 3.207M 7.751M 4.491M 2,383 N/A 1.769M 3.300M 9.000M 112% 47% N/A 113% 38% 121% 2.334M 1,615 682K 832K 2.398M 4.068M
Page 12 WEST 110TH STREET West Side Resale Co-ops Hudson River Central Park Third Quarter 2014 median price was similar to the median a year ago but average price per square foot grew 16%. Compared to last quarter, median price was up 3% and price per foot gained 5%. Larger West Side units had bigger year-over-year median price increases with the three-plus bedroom median price up 29% to $2.875M. The trend is less pronounced quarter-over-quarter. WEST SIDE HWY CENTRAL PARK WEST CO-OPS 901K 1,214 395K 682K 1.450M 2.875M 3% 5% -1% 8% 6% 5% 875K 1,153 400K 630K 1.368M 2.727M 901K 1,214 395K 682K 1.450M 2.875M 1% 16% 0% 10% 21% 29% 895M 1,049 395K 620K 1.200M 2.225M CENTRAL PARK SOUTH Resale Condos Resale condos had significant year-over-year price growth. price increased 5% to $1.446M and average price increased 15% to $1,779 per square foot. Studios showed the largest price gains versus last year and last quarter, increasing to $677K. Relative to last quarter, median price increased 11% and average price per square foot increased 3%. WEST 57TH STREET 5TH AVE 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 1.446K 1,779 677K 933K 1.819M 3.593M 11% 3% 8% -5% -5% -3% 1.286M 1,688 630K 985K 1.925M 3.675M 1.446K 1,779 677K 933K 1.819M 3.593M 5% 15% 11% 1% 1% 6% 1.382M 1,545 612K 921K 1.800M 3.375M New Developments The majority of West Side new development closings this quarter occurred at Mirabeau, a conversion at 165 West 91st Street, but the prices of the relatively small number of sales were most affected by closings at the super-luxury building One57, which drove large average increases. Average price per square foot increased 46% year-over-year, to $2,393, however this figure represents a 9% decline from last quarter, when there were significantly more sales at One57. NEW DEVELOPMENTS 2.600M 2,393 N/A 1.125M 1.721M 7.764M -11% -9% N/A -10% -58% 163% 2.909M 2,644 N/A 1.246M 4.061M 2.953M 2.600M 2,393 N/A 1.125M 1.721M 7.764M -8% 46% N/A N/A -18% 142% 2.838M 1,644 N/A N/A 2.100M 3.210M
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 While strong overall, the resale co-op market in Midtown is one of the submarkets that showed larger price gains among smaller units; studios grew 18% in median price year-over-year while three-plus bedrooms grew 6%. Versus last quarter median price decreased 4%, but average price per square foot increased 3%. Annual gains were 1% in median and 7% in average price per square foot. Resale Condos The Midtown resale condo market showed level prices with an annual 1% increase in both median price and average price per square foot. Compared to last quarter median price was down 25% while average price per square foot was down 11%. By unit size, studios saw the largest year-over-year median price increase at 13% while three-plus bedroom units declined by 14% versus last year. CO-OPS 595K 862 375K 586K 1.100M 2.000M -4% 3% 4% 0% 5% 9% 620K 839 360K 588K 1.050M 1.838M 595K 862 375K 586K 1.100M 2.000M 1% 7% 18% 9% 10% 6% 588K 807 319K 540K 1.000M 1.895M CONDOS 955K 1,302 605K 900K 1.643M 2.238M -25% -11% 7% -18% -6% -40% 1.273M 1,459 565K 1.098M 1.750M 3.740M 955K 1,802 605K 900K 1.643M 2.238M 1% 1% 13% 2% 9% -14% 950K 1,291 535K 880K 1.503M 2.595M New Developments There are very few new developments currently closing residences in Midtown south of 57th Street. There were not enough closings this quarter to draw any meaningful conclusions. NEW DEVELOPMENTS N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 997 N/A 835K N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 2.668M 1,768 N/A 1.950M 2.927M 2.967M
Page 14 Downtown Resale Co-ops Downtown co-op resales showed consistent growth, with a 5% increase in median price and an 8% increase in average price per square foot. All unit types saw annual gains in median price but compared to last quarter three-plus bedrooms saw an 8% decline and one bedrooms saw a 1% decline. 34TH STREET FDR DRIVE CO-OPS 735K 1,143 466K 715K 1.525M 2.650M 1% 6% 8% -1% 17% -8 730K 1,080 434K 720K 1.300M 2.878M 735K 1,143 466K 715K 1.525M 2.650M 5% 8% 3% 6% 5% 4% 700K 1,060 453K 675K 1.448M 2.545M WEST SIDE HWY Resale Condos Year-over-year average price of Downtown resale condos increased 10% to $1,707 per square foot. The median price of $1.770M, up 2% since last year, was again the highest median resale condo price in the city. One and two bedroom units saw price gains, up 20% and 24% year-over-year, while studio and three-plus bedroom units declined in median price by 2% and 4% respectively. BARCLAY STREET BROOKLYN BRIDGE Hudson River East River CONDOS 1.770M 1,707 689K 1.270M 2.1633M 4.065M -4% 1% -5% -6% 13% -18% 1.850M 1.692 734K 1.348M 2.325M 4.930M 1.770M 1,707 689K 1.270M 2.1633M 4.065M 2% 10% -2% 20% 24% -4% 1.733M 1,549 705K 1.055M 2.126M 4.250M 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 new development market Downtown saw some price declines compared to last year as well as last quarter. Year-over-year median price is down 28%, but average price per square foot is up 3% to $1,829. Several high priced sales at One Madison and Walker Tower helped buoy these figures but the majority of new development sales downtown were in less expensive buildings. Versus last quarter, median is down 22% and price per square foot declined 6%. NEW DEVELOPMENTS 1.450M 1,829 868K 1.153M 2.140M 7.419M -22% -6% 10% -7% 0% -26% 1.857M 1,951 789K 1.238M 2.151M 10.000M 1.450M 1,829 868K 1.153M 2.140M 7.419M -28% 3% 1% 2% -6% 61% 2.000M 1,778 861K 1.130M 2.273M 4.622M
Page 15 Financial District and Battery Park City Resale Condos Resale condos in the Financial District and Battery Park City experienced strong year-over-year growth with a 24% and 18% increase in median price and average price per square foot respectively. Versus last quarter, median price increased 14% to $1.070M. The submarket showed annual gains in all unit sizes except two bedrooms. WEST STREET BROADWAY BARCLAY STREET CHAMBERS STREET BROOKLYN BRIDGE CONDOS Resale Co-ops 1.070M 1,189 690K 910K 1.310M 2.668M 14% 4% 17% 16% -10% 3% 935K 1,139 592K 786K 1.450M 2.600M 1.070M 1,189 690K 910K 1.310M 2.668M 24% 18% 24% 18% -3% 27% 865K 1,009 555K 770K 1.350M 2.100M 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 New Developments in the Financial District and Battery Park City submarket were very limited this quarter, making it difficult to draw market-wide conclusions. sale price increased by 16% compared to the sales during Third Quarter 2013 and was down 5% versus last year. per square foot was level with last year s figure. NEW DEVELOPMENTS 950K 1,170 N/A N/A N/A N/A -5% -14% N/A N/A N/A N/A 997K 1,357 667K 975K 1.998M N/A 950K 1,170 N/A N/A N/A N/A 16% 0% N/A N/A N/A N/A 822K 1,169 596K 794K 1.436M 2.393M
Page 16 Uptown Resale Co-ops Resale co-ops showed strong growth with a 21% increase in average price per square foot versus last year. Larger units saw greater gains with a 17% rise in three+ bedroom median price year-over-year. CO-OPS 396K 592 205K 330K 529K 780K -2% 22% 3% 3% 11% 30% 405K 487 200K 319K 475K 600K 396K 592 205K 330K 529K 780K 10% 21% -5% 11% 13% 17% 360K 488 216K 299K 470K 665K Harlem River Resale Condos Uptown resale condo price showed annual growth in two and three-plus bedroom units. Three-plus bedrooms saw a 72% gain in median price, up to $1.548M. One bedroom units saw a slight decline in median price versus last year but was up 14% versus last quarter. s often show more volatility in this submarket as condo inventory Uptown has historically been limited. CONDOS 650K 717 N/A 459K 650K 1.548M 11% 5% N/A 14% 0% 38% 585K 683 315K 402K 652K 1.123M 650K 717 N/A 459K 650K 1.548M 17% 11% N/A -2% 5% 72% 555K 647 425K 467K 618K 900K HENRY HUDSON PKWY HARLEM RIVER DRIVE Average price per square foot (SF): WEST 110TH STREET 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 Central Park EAST 96TH STREET New Developments The Uptown market has very diverse new development product that can often skew comparisons. The proportion of all sales Uptown that were new developments shrank since last year. This quarter median price was $520K and average price per square foot was $725, representing a decrease of 5% and 4% respectively from Third Quarter 2013. Nearly half of all Uptown new development closings this quarter were at Edgecombe Parc, a condo in Washington Heights. Last year there was a higher volume of closings in Southern Harlem and Morningside Heights. NEW DEVELOPMENTS 520K 725 N/A 418K 668K N/A -27% -8% N/A -17% -13% N/A 717K 785 207K 501K 771K 1.146M 520K 725 N/A 418K 668K N/A -5% -4% N/A 19% 6% N/A 550K 753 422K 350K 633K 1.785M