Industry News

Manhattan real estate still hot

REBNY report shows price increase for condos, price declines for co-ops

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Manhattan condo prices continued to rise in the third quarter, while co-op prices dipped slightly, according to a report released today from the Real Estate Board of New York, a real estate trade association. According to REBNY, median prices for Manhattan condominiums jumped up 22 percent to $814,000 in the third quarter of 2005, compared to a year ago. There was mixed results for cooperatives as median prices per room for cooperatives set a record for studio/one-bedrooms jumping 24 percent to $173,000 per room, while overall median prices for cooperatives dipped 2 percent to $650,000. The reports also showed that Northern Manhattan cooperatives had another record-breaking quarter with median price surges of 54 percent for cooperatives to $470,000, and 50 percent for condominiums to $349,000. "When comparing apartment prices for both co-ops and condos to last year's prices, median sales prices are up 9 percent and averages are up 11.6 percent. Clearly, condominiums led the quarter i...