Manhattan's average apartment price reached a new record of $1,944,744 in the fourth quarter, helped .... Co-op prices p
2015
Manhattan Residential
MARket Report FOURTH quarter
Data Highlights
FOURTH Quarter 2015 Cover Property: halstead.com WEB# 13676219
The average and median price for all
apartments set new records in
Number of sales rose
4Q15
12%
compared to 4Q14
halstead.com WEB# 13538815
Condos accounted for
50%
the highest percentage since 1Q09
halstead.com WEB# 14057363
of sales,
New development sales were
26%
of all transactions, up from 17% a year ago
Halstead Property 1
Manhattan
All Cooperatives and Condominiums* Manhattan’s average apartment price reached a new record of $1,944,744 in the fourth quarter, helped by a surge in new development closings. This figure was 10% higher than a year ago, and 5% more than the previous record set in the first quarter of this year. The median price of $1,150,000 was also a new record, and an 18% improvement from a year ago.
Cooperative Average Sales Price The average cooperative price rose 8% from 2014’s fourth quarter to $1,269,202, helped by a 19% jump in prices for three-bedroom and larger units. All size categories of co-ops posted an increase in average price over the past year.
Average and Median Sales Price
$1,944,744 $1,732,395
$1,600,000
$1,760,290
$1,800,000
$1,786,624
$1,844,729
$2,000,000
Studio
1-Bedroom
2-Bedroom
3+Bedroom
All
4th Q 14
$404,766
$667,936
$1,421,573
$3,398,991
$1,175,204
1st Q 15
$398,545
$696,436
$1,468,358
$4,643,374
$1,411,671
2nd Q 15
$417,674
$698,309
$1,502,161
$4,090,541
$1,361,810
3rd Q 15
$437,524
$746,831
$1,454,377
$3,246,542
$1,255,441
4th Q 15
$437,362
$746,506
$1,439,292
$4,050,893
$1,269,202
Condominium Average Sales Price Condominium prices averaged $2,612,713 in the fourth quarter, 5% higher than a year ago and a new record. Only three-bedroom and larger condos had a lower average price than a year ago, due to a large number of closings at One57 in 2014’s fourth quarter inflating last year’s figure.
$1,400,000
$999,417
$990,000
$961,750
$975,000
$1,000,000
$1,150,000
$1,200,000
$800,000 4Q14
1Q15
2Q15
3Q15
Average Sales Price
Fourth Quarter 2015
4Q15
Median Sales Price
Studio
1-Bedroom
2-Bedroom
3+Bedroom
All
4th Q 14
$698,767
$1,088,134
$2,237,634
$6,991,351
$2,496,482
1st Q 15
$690,094
$1,109,116
$2,198,373
$6,211,339
$2,431,951
2nd Q 15
$696,321
$1,101,530
$2,214,977
$5,949,308
$2,367,055
3rd Q 15
$676,088
$1,106,337
$2,230,762
$5,659,271
$2,328,246
4th Q 15
$724,432
$1,170,822
$2,317,023
$6,023,551
$2,612,713
* Includes new development and resale apartments. 4Q15 data is preliminary and subject to revision in future reports. Data from the prior four quarters has been revised to include sales recorded after our initial reports were released. Halstead Property 2
Manhattan
New Developments
Fourth Quarter 2015
Average and Median Sales Price
Average Price Per Square Foot
New development apartments sold for an average of $3,118,536, which was 8% less than a year ago. This decline was due to some notable closings a year ago at One57, including a record-setting $100 million sale. The median price was 17% higher than a year ago, reaching $1,987,500. The big news for new developments was a 75% jump in the number of closings compared to the fourth quarter of 2014.
$2,500
$2,000
$1,881
$1,816
$1,800
1Q15
2Q15
$1,857 $1,745
$1,500
$2,955,324
$2,963,812
$2,500,000
$3,118,536
$1,000
$3,129,336
$3,000,000
$3,406,508
$3,500,000
4Q14
3Q15
4Q15
Sales by Area 4Q14
4Q15
East Side $1,987,500
$1,800,000
$1,382,500
$1,000,000
$1,377,500
$1,700,467
$1,500,000
10.3% 11.9%
West Side
$2,000,000
Midtown
17.7% 16.9%
21.1%
Downtown (34th-14th St)
10.8%
26.8%
10.0%
Downtown (South of 14th St) Upper Manhattan
4.9% 15.2%
29.8%
24.6%
The West Side accounted for the highest percentage of new development closings in the fourth quarter, with just under 27% of all activity.
$500,000 4Q14
1Q15
2Q15
3Q15
Average Sales Price
4Q15
Median Sales Price
Halstead Property 3
Manhattan
Resale Cooperatives and Condominiums
Average and Median Sales Price
$2,000,000
Resale apartment prices averaged $1,528,732 in the fourth quarter, 8% more than last year’s comparable period. The median resale price of $917,075 was a 7% improvement from 2014’s fourth quarter.
$1,500,000
FOURTH Quarter 2015
$1,593,904
$1,562,847
$1,000,000
$887,500
$860,000 $500,000
4Q14
$1,528,732
$1,466,491
$1,419,045
1Q15
$940,000
2Q15
$906,930
3Q15
4Q15
Average Sales Price
Cooperative Average Sales Price The average price for resale co-ops rose 8% over the past 12 months to $1,253,285. Three-bedroom and larger co-ops led the way, as their average price rose 16% during this time.
Median Sales Price
Studio
1-Bedroom
2-Bedroom
3+Bedroom
All
4th Q 14
$401,993
$665,460
$1,372,124
$3,409,339
$1,160,348
1st Q 15
$398,493
$700,839
$1,415,481
$4,017,027
$1,301,127
2nd Q 15
$417,937
$697,447
$1,487,934
$3,848,955
$1,318,906
3rd Q 15
$436,646
$746,416
$1,433,661
$3,229,466
$1,246,467
4th Q 15
$438,552
$746,441
$1,418,852
$3,941,271
$1,253,285
Studio
1-Bedroom
2-Bedroom
3+Bedroom
All
4th Q 14
$670,756
$1,029,407
$1,987,942
$4,752,464
$1,874,394
1st Q 15
$661,722
$1,068,052
$2,141,599
$4,966,149
$2,066,107
2nd Q 15
$664,986
$1,064,519
$2,087,151
$4,934,603
$2,086,277
3rd Q 15
$670,176
$1,078,428
$2,203,296
$4,293,872
$1,875,887
4th Q 15
$676,664
$1,108,578
$2,281,673
$5,106,969
$2,031,667
Condominium Average Sales Price Existing condo prices averaged $2,031,667 in the fourth quarter, an increase of 8% from a year ago. Twobedroom condos saw a 15% gain in their average price, the most of any size category.
$917,075
Halstead Property 4
Manhattan
Resale Cooperatives and Condominiums
Resale apartments sold during the fourth quarter spent an average of 79 days on the market, up from the third quarter, but 2% lower than a year ago. Buyers paid 98.9% of their apartment’s last asking price, up from 98.4% a year ago.
Fourth Quarter 2015
Lofts Existing loft prices reached an average of $1,507 per square foot, a 2% improvement from the fourth quarter of 2014. The median loft price per square foot was 4% higher than a year ago, at $1,454.
Time on the Market Average and Median SaleS Price Per Square Foot
100 86 81
83 79
75
$2,000
70
$1,454
$1,507
$1,475
Asking vs. Selling Price
$1,551
4Q15
$1,417
3Q15
$1,522
2Q15
$1,477
1Q15
$1,396
$1,500 4Q14
$1,481
25
$1,570
50
100% 99.5% 99.2% 98.9%
99%
98.7%
$1,000
98.4%
98%
97%
96%
4Q14
1Q15
2Q14
3Q15
4Q15
$500 4Q14
1Q15
2Q15
Average Sales Price PSF
3Q15
4Q15
Median Sales Price PSF Halstead Property 5
Title Goes Here
second Quarter 2015
Percentage of Resales in Manhattan FOURTH Quarter 2015
8.5%
Upper Manhattan Generally North of 96th Street on the East Side, 110th Street on the West Side page 12
West Side
18.4%
Generally 59th Street to 110th Street, Hudson River to West of Fifth Ave. page 8
23.5% 20.2%
East Side Generally 59th Street to 96th Street, Fifth Ave. to the East River page 7
Midtown 34th Street to 59th Street, East River to the Hudson River page 9
11.1%
Downtown 34th Street to 14th Street page 10
Downtown South of 14th Street page 11
18.3%
Halstead Property 6
East side
Resale Apartments
Fourth Quarter 2015
Generally 59th St. to 96th St., Fifth Ave. to the East River
Percent of Sales Median Price
Studio
1-Bedroom
2-Bedroom
3+Bedroom
4th Q 14
13%
35%
35%
17%
4th Q 15
16%
36%
26%
22%
4th Q 14
$376,813
$657,500
$1,400,000
$3,600,000
4th Q 15
$415,000
$717,500
$1,522,500
$3,275,000
10%
9%
9%
-9%
% Change
Three-bedroom and larger resale apartments were the only size category to see their median price decline over the past year
Cooperative
Condominium
Average price per room
Average price per square foot
$450,000
$1,600
$1,550
Co-op prices per room rose prewar, and
16%
14%
$1,500
$399,441
$400,000
$1,453
for $350,000
$1,400
$349,020
for postwar apartments $300,000
$292,510
$1,200
$251,379
$250,000
$1,100
$200,000
$1,000
$150,000
$100,000
$1,300
Prewar
$900
Postwar
4Q14
4Q15
4Q14
4Q15
4Q14
4Q15
Halstead Property 7
west side
Resale Apartments
Fourth Quarter 2015
Generally 59th St. to 110th St., Hudson River to West of Fifth Ave.
Percent of Sales Median Price
Studio
1-Bedroom
2-Bedroom
3+Bedroom
4th Q 14
18%
38%
31%
13%
4th Q 15
13%
39%
33%
15%
4th Q 14
$455,000
$750,000
$1,485,656
$3,225,000
4th Q 15
$429,000
$785,000
$1,478,250
$3,650,000
-6%
5%
0%
13%
% Change
13%
increase in the median resale price for three-bedroom and larger apartments, highest of any size category
Cooperative
Condominium
Average price per room
Average price per square foot $2,000
$350,000
$1,900
$313,570
Resale average condo price per square foot up
15%
$300,000
$1,874
$296,670
$1,800
$265,923 $264,016
$1,700
$250,000 $1,600
$200,000
$1,625
$1,500
$1,400
$150,000 $1,300
$100,000
Prewar
$1,200
Postwar
4Q14
4Q15
4Q14
4Q15
4Q14
4Q15
Halstead Property 8
midtown
Resale Apartments
Fourth Quarter 2015
34th St to 59th St, East River to the Hudson River
Percent of Sales Median Price
Studio
1-Bedroom
2-Bedroom
3+Bedroom
4th Q 14
19%
47%
26%
8%
4th Q 15
25%
45%
25%
5%
4th Q 14
$387,500
$735,000
$1,648,594
$2,325,000
4th Q 15
$435,000
$805,000
$1,700,000
$3,500,000
12%
10%
3%
51%
% Change
Median resale price sizes of apartments
higher
for all
Cooperative
Condominium
Average price per room
Average price per square foot $1,700
$300,000
$1,600
3%
decline in average condo price per square foot
$1,613 $1,562
$252,090
$250,000
$1,500
$240,186 $226,688
$225,413 $1,400
$200,000 $1,300
$1,200
$150,000
$1,100
$100,000
Prewar
$1,000
Postwar
4Q14
4Q15
4Q14
4Q15
4Q14
4Q15
Brown Harris Stevens 99 Halstead Property
downtown
Resale Apartments
Fourth Quarter 2015
34th St. to 14th St.
Percent of Sales Median Price
Studio
1-Bedroom
2-Bedroom
3+Bedroom
4th Q 14
25%
47%
21%
7%
4th Q 15
28%
46%
21%
5%
4th Q 14
$482,500
$780,000
$1,700,000
$3,195,000
4th Q 15
$548,500
$875,000
$1,366,954
$3,130,000
14%
12%
-20%
-2%
% Change
Median resale prices rose for smaller, fell for larger apartments
Cooperative
Condominium
Average price per room
Average price per square foot $1,800
$300,000
$287,929
$1,753 $1,700
3%
$260,000
$262,419
gain in average condo price per
$259,787 $1,600
$241,858
square foot
$1,697
$220,000
$1,500
$1,400
$180,000
$1,300 $140,000 $1,200
$100,000
Prewar
$1,100
Postwar
4Q14
4Q15
4Q14
4Q15
4Q14
4Q15
Brown Harris Stevens 10 10 Halstead Property
downtown
Resale Apartments
Fourth Quarter 2015
South of 14th St.
Percent of Sales Median Price
Studio
1-Bedroom
2-Bedroom
3+Bedroom
4th Q 14
17%
49%
28%
6%
4th Q 15
18%
45%
29%
8%
4th Q 14
$499,500
$811,250
$1,630,000
$3,330,000
4th Q 15
$575,000
$887,000
$1,700,000
$3,670,000
15%
9%
4%
10%
% Change
15%
increase in median apartment price
Cooperative
Condominium
Average price per room
Average price per square foot $1,700
$350,000
for studios $1,606
$1,600
$303,129
$300,000
$298,801
$282,227
All size categories saw median price gain
$1,500
$1,504
$263,543 $250,000
$1,400
$1,300
$200,000
$1,200 $150,000 $1,100
$100,000
Prewar
$1,000
Postwar
4Q14
4Q15
4Q14
4Q15
4Q14
4Q15
Brown Harris Stevens 11 11 Halstead Property
upper manhattan
Resale Apartments
Fourth Quarter 2015
Generally North of 96th Street on the East Side, and 110th St. on the West Side
Percent of Sales Median Price
Studio
1-Bedroom
2-Bedroom
3+Bedroom
4th Q 14
8%
38%
40%
14%
4th Q 15
8%
40%
43%
9%
4th Q 14
$195,000
$372,000
$567,500
$750,000
4th Q 15
$277,000
$439,500
$635,000
$955,000
42%
18%
12%
27%
% Change
Median resale price rose sharply for studio and three-bedroom and larger resale units
Cooperative
Condominium
Average price per room
Average price per square foot
26%
$131,443 $125,000
$897
$900
$150,000
$138,181 $800
$125,690
jump in average resale condo price per
$116,087
square foot
$700
$100,000
$714
$600
$500
$75,000
$400 $50,000 $300
$25,000
Prewar
$200
Postwar
4Q14
4Q15
4Q14
4Q15
4Q14
4Q15
Brown Harris Stevens 12 12 Halstead Property
This report is based on 2,951 reported Manhattan apartment sales, 9% more than were reported during last year’s comparable period.
OFFICES MANHATTAN
BROOKLYN
CONNECTICUT
Queens
East Side 770 Lexington Avenue New York, NY 10065 212.317.7800
Boerum Hill 495 Atlantic Avenue Brooklyn, NY 11217 718.613.2090
New Canaan - Elm Street 183 Elm Street New Canaan, CT 06840 203.966.7800
HAMPTONS
West Side 408 Columbus Avenue New York, NY 10024 212.769.3000
Park Slope 76 Seventh Avenue Brooklyn, NY 11217 718.399.2222
New Canaan - South Avenue 6 South Avenue New Canaan, CT 06840 203,966.7772
Village 831 Broadway New York, NY 10003 212.253.9300
Park Slope 244 Fifth Avenue Brooklyn, NY 11215 718.622.9300
Rowayton 140 Rowayton Avenue Rowayton, CT 06853 203.655.1418
SoHo 451 West Broadway New York, NY 10012 212.253.9300
Cobble Hill 162 Court Street Brooklyn, NY 11201 718.613.2020
Greenwich 125 Mason Street Greenwich, CT 06830 203.869.8100
Harlem 2169 Frederick Douglass Boulevard New York, NY 10026 212.381.2570
Bedford Stuyvesant 316 Stuyvesant Avenue Brooklyn, NY 11233 718.613.2800
Stamford 1099 High Ridge Road Stamford, CT 06905 203.329.8801
Washington Heights 819 West 187th Street New York, NY 10033 212.928.3805
HUDSON VALLEY
Westport 379 Post Road East Westport, CT 06880 203.221.0666
Park Avenue 499 Park Avenue New York, NY 10022 212.734.0010
RIVERDALE
Riverdale Johnson 3531 Johnson Avenue Riverdale, NY 10463 718.878.1700 Riverdale Mosholu 5626 Mosholu Avenue Riverdale, NY 10471 718.549.4116
Brooklyn Heights 150 Montague Street Brooklyn, NY 11201 718.613.2000
Hudson 526 Warren Street Hudson, NY 12534 518.828.0181
NEW JERSEY
Darien 671 Boston Post Road Darien, CT 06820 203.655.1418
Long Island City 47-12 Vernon Boulevard Queens, NY 1110 718.878.1800
East Hampton 2 Newtown Lane East Hampton, NY 11937 631.324.6100 Southampton 31 Main Street Southampton, NY 11968 631.283.2883
CORPORATE
Commercial Sales 770 Lexington Avenue New York, NY 10065 212.381.3208
Prepared by Gregory Heym, Chief Economist, and Alan Tsang, Senior Analyst, Brown Harris Stevens. This report is based on 2,484 ©2015 by Brown Harris Stevens. All RightsManhattan Reserved. This information reported apartment may not be copied, used or sales, 12% more than were distributed without Brown Harris Stevens’ consent. While information reported during last year’s comis believed true, no guaranty is made of accuracy.parable period. Prepared by Gregory Heym, Chief Economist, Halstead Property, LLC. ©2015 by Halstead Property, LLC. All Rights Reserved. This information may not be copied, commercially used or distributed without Halstead Property’s prior consent. While information is believed true, no guaranty is made of accuracy.
Development Marketing 445 Park Avenue New York, NY 10022 212.253.9300 Global Services 770 Lexington Avenue New York, NY 10065 800.765.2692 x6521
Wilton 21 River Road Wilton, CT 06897 203.762.8118
HOBOKEN 200 Washington Street Hoboken, NJ 07030 201.478.6700 Montclair 635 Valley Road, Montclair, NJ 07030 973.744.6033
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