Gregory J. Heym
Executive Vice President, Chief Economist
By Patrick Hedlund
Downtown up in Q3
With the economic downturn yet to fully reveal the depth of its impacts on the city’s residential real estate market, the average price for apartments throughout various Downtown neighborhoods rose over the past year, according to a quarterly report from Halstead Property.
According to third-quarter findings for the Downtown market — which includes the neighborhoods of Chelsea/Flatiron, Gramercy Park, Greenwich/East Village and the West Village — prices for all apartments (co-op and condo) increased more than 10 percent across the board.
In Chelsea/Flatiron, the median sales price of all apartments in the area was up 13.7 percent over the third quarter of 2007, to $1,307,500 from $1,150,000 last year. In Gramercy Park, the median sale price was up 8.2 percent, to $725,000 from $670,000 a year before. In Greenwich Village and the East Village, the median price was up 28 percent, to $1,095,000 from $855,000 a year ago. In the only area to show a drop, the West Village, the median price was down 9.5 percent, to $680,000 from $751,250 a year earlier.
Overall loft prices Downtown decreased by about 13 percent in Chelsea/Flatiron, the Village and Tribeca compared to last year, while the Noho/Soho loft market jumped by 23 percent during the same time period.
Wednesday, November 19, 2008