Manhattan Multi-Family Market Report Q3 2017

New York Real Estate Market Updates

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Welcome to the Manhattan Multi-Family Sales Real Estate Market Report for the third quarter of 2017.

Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.

Home to millions, Manhattan’s apartment complexes help to make up the iconic one-way streets and skyline of the prized island. However, the Multifamily market is one that’s actually on a relative volume decline in New York City, and this quarter’s data in Manhattan reflects the downward trend.

Sales volume this quarter totaled $1.2 billion, which is a startling 31 percent decline over last year’s report. Square-footage pricing increased minimally, settling around $599 dollars on average—up just 10 percent from last quarter. The average selling price across the island was $445,000, increasing 11 percent from last year. Overall, we saw 104 total transactions in the third quarter, which is down 35 percent from last year.

The overall market may be trending low, but the top sales for Manhattan still sit in familiar sky-high territory. Our top sale in the third quarter of 2017 was a block of units in the Manhattan Chelsea neighborhood of 109-111 West 27^th Street, selling for $141,500,000. Built in 1908, these 11-story units are located just outside the Flatiron district with enviable proximity to landmarks like Madison Square Park and multiple transit lines, demanding a price tag of $559 per square foot.

That price, though, doesn’t come close to the average square-footage of these top ten most expensive Manhattan neighborhoods this quarter:

Carnegie Hill, the land of historic lineages, groomed brownstones and museums tops off the list at an average of $1,840 per square foot. The West Village comes in second at $1,356, with the Upper West Side a close third at $1,140. The East Village listed at $1,019 per square foot, Kips Bay at $907, Chelsea at $755, Yorkville at $696, East Harlem at $450, and Harlem proper at $387. Tenth but certainly not least, the Washington Heights area averaged in at $322 per square foot.

Of all the neighborhoods, Harlem had the highest volume of Multifamily sales this quarter with 18 transactions, followed closely by East Harlem, which claimed 15 sales. If you’re hunting for a bargain, Inwood’s average price per square foot this quarter was a mere $204. As one of Manhattan’s up-and-coming neighborhoods, this area is certainly worth watching.

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