New development supply has diminished substantially, particularly at the high-end of the market, impacting sales and price statistics. While most properties that have been on the market continue to absorb steadily, newly introduced developments in prime locations are absorbed rapidly but since a number of properties haven’t begun closings, these sales are not reflected here.
Compared to a year ago, median price declined 13% to $990,000, due to a 9% decline in three-plus bedroom median price, a 30% decline in Downtown median price and increased share of one-bedroom sales both Uptown and Downtown. Average price per square foot increased 8% from a year ago to $1,231 due to notable increases on the East and West Sides.
Currently there are approximately 325 active new construction and new conversion listings for sale throughout Manhattan. They range from $199,000 for a 455 square foot studio at The Capstone in Harlem to a 6,883 square foot 60th floor penthouse at The Setai on Fifth Avenue in midtown Manhattan asking $32 million.
As always, I will continue to follow closely sales activity and trends in Manhattan new developments (new construction and conversions), and would welcome the opportunity to answer any questions about this report, new developments or the market in general.
I’m very happy to discuss new development opportunities in each neighborhood, price point and room count. I'm ready to provide you with expertise and seasoned insight. Looking forward to hearing from you.
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Mitchell Hall, Associate Broker
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