Manhattan Apartment Building Prices Hit Record High

The median sales price of Manhattan apartment buildings below 96th Street rose above $500 a square foot for the first time in the first half of 2007, according to a new report from investment-sales brokerage Massey Knakal and appraisal firm Miller Cicero.

The sales price for elevator apartment buildings reached $517 a foot in the first half of the year and the price for walkups reached $508 a foot. These median were both sizable increases from the first half of 2006.

Other highlights from the report, including stats on Upper Manhattan apartment buildings, below:

  • The number of walk-up buildings sold south of 96th Street in Manhattan more than doubled since the first half of 2006 – from 81 to 178. The number of elevator and mixed-use buildings were up by 19 percent.
  • In Upper Manhattan, from the first half of 2006 to the first half of this year, average prices for walk-ups increased by nearly 15 percent, prices for elevator buildings were up by 19.5 percent and mixed-use building prices jumped by 53.6 percent
  • The numbers of walk-up buildings sold in Upper Manhattan increased by 28.8 percent between the second half of last year and the first half of 2007.

Comments

  1. This is the trend now everything including rentals and other commodities were rising… But the comfort given by an apartment is  a basic necessity.