Industry News

Manhattan condo prices rise 20%

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Median condo prices in Manhattan jumped 20 percent in 2005 to $770,000, while coop prices climbed 6 percent to $649,000, the Real Estate Board of New York announced this week. REBNY represents commercial and residential property owners and builders, brokers and managers, banks, financial service companies, utilities, attorneys, architects, contractors and other individuals and institutions professionally interested in the city's real estate industry. REBNY's Cooperative and Condominium Reports found that the downtown area south of 42nd Street had the highest neighborhood median sales price for condominiums at $849,000, a 27 percent increase from last year. Northern Manhattan condominiums saw the highest percentage increase, climbing 46 percent to a median of $364,609. Cooperatives on the West Side posted a median price increase of 19 percent, to $722,000. For the first time, the average sales price in this neighborhood surpassed the million-dollar mark, at $1.09 million, the...