Second Quarter 2018

Market Report Manhattan Residential

Data Highlights Second Quarter 2018

Cover Property: BrownHarrisStevens.com WEB# 18568540

The median Manhattan apartment price

fell for the fourth straight quarter.

Apartment prices averaged just over

$2.1 million, a 3% decline

from the second quarter of 2017.

BrownHarrisStevens.com WEB# 18700107

Resale apartments sold for their There were 12% fewer

highest discounts off asking closings than 2017’s second

prices in over five years. quarter.

BrownHarrisStevens.com WEB# 16839238 Brown Harris Stevens  1

Manhattan All Cooperatives and Condominiums* Second Quarter 2018

The median apartment price of $1,100,000 was down 9% from a year ago, and at its Cooperative Average Sales Price
lowest level since the fourth quarter of 2016. A sluggish new development market Only two-bedroom co-ops saw their average price increase over the past year, rising
continued to bring the average apartment price lower, with 30% fewer closings than to $1,620,329. All other sizes posted declines in average price, as higher inventory
a year ago. Currently, the average new apartment sells for more than double that of a continues to push prices lower for many apartments.
resale one, so a sharp decline in these sales has a substantial impact on the overall
average apartment price.

STUDIO 1-BEDROOM 2-BEDROOM 3+BEDROOM ALL

2nd Q 17 $477,499 $787,621 $1,500,799 $3,957,571 $1,417,464

Average and Median Sales Price 3rd Q 17 $482,176 $780,445 $1,457,503 $3,767,372 $1,376,208

4th Q 17 $498,844 $773,609 $1,497,169 $3,252,819 $1,277,563

$2,500,000 1st Q 18 $464,868 $754,981 $1,512,560 $4,021,879 $1,400,766

2nd Q 18 $465,030 $768,051 $1,620,329 $3,741,386 $1,430,432

$2,166,279

$2,103,634
$2,000,000 Condominium Average Sales Price
Like co-ops, rising inventory has put downward pressure on condo prices, with their
$1,961,654

$1,954,571
$1,944,717

average price lower for all sizes of units except three-bedroom and larger ones.
Overall, the average condo price was 3% lower than the second quarter of 2017.

$1,500,000

STUDIO 1-BEDROOM 2-BEDROOM 3+BEDROOM ALL

2nd Q 17 $807,099 $1,198,489 $2,376,415 $6,806,670 $3,043,223

$1,214,000

3rd Q 17 $734,716 $1,213,403 $2,585,216 $5,821,801 $2,655,169

$1,170,000

$1,140,000

$1,125,000

$1,100,000

$1,000,000
4th Q 17 $759,417 $1,189,534 $2,335,905 $6,504,706 $2,735,219

1st Q 18 $714,857 $1,210,421 $2,321,139 $6,198,579 $2,686,495

2nd Q 18 $711,465 $1,159,791 $2,235,016 $7,057,585 $2,961,675

$500,000
2Q17 3Q17 4Q17 1Q18 2Q18 * Includes new development and resale apartments.
Average Sales Price Median Sales Price 2Q18 data is preliminary and subject to revision in future reports. Data from the prior four quarters has been
revised to include sales recorded after our initial reports were released.

Brown Harris Stevens  2

Manhattan New Developments Second Quarter 2018

Average and Median Sales Price

New development prices rebounded in the second quarter, but were still lower than Average Price Per Square Foot
a year ago. The big news in this market remains the dramatic slowdown in closings,
which were 30% lower than the second quarter of 2017.
$2,500

$2,093
$2,041 $2,049
$1,988 $1,972
$2,000

$5,000,000

$1,500
2Q17 3Q17 4Q17 1Q18 2Q18

$4,000,000
$3,932,765

$3,852,514
Sales by Area
$3,642,697

2Q17 2Q18
East Side
$3,325,089

$3,237,169

7.3% 13.0% 4.7%

$3,000,000 West Side 16.5%
7.0% 24.7%
Midtown
34.0% 16.6%
Downtown (34th-14th St) 17.5%
Downtown (South of 14th St) 17.3%
$2,375,136

21.2% 20.2%
Upper Manhattan
$2,295,000
$2,293,338

$2,165,000

$2,000,000
$2,036,500

The area south of 14th Street accounted for the most new development closings in the
second quarter, just as it did a year ago.

$1,000,000
2Q17 3Q17 4Q17 1Q18 2Q18

Average Sales Price Median Sales Price

Brown Harris Stevens  3

Manhattan Resale Cooperatives and Condominiums Second Quarter 2018

Average and Median Sales Price $2,000,000

Aided by three closings over $40 million, the average
$1,701,079 $1,746,164
resale apartment price was 3% higher than a year ago. $1,677,689
Higher inventory led sellers to cut their asking prices by $1,599,996 $1,555,304
$1,500,000
the highest percentage in over five years, which was the
last time absorption rates were this high. The median
resale apartment price of $982,500 was 4% lower than
2017’s second quarter. $1,000,000 $1,025,000 $990,000 $995,000
$980,000 $982,500

$500,000
2Q17 3Q17 4Q17 1Q18 2Q18

Average Sales Price Median Sales Price

Cooperative Average Sales Price

STUDIO 1-BEDROOM 2-BEDROOM 3+BEDROOM ALL
Three-bedroom and larger resale co-ops saw their
average price fall 7% over the past year, the largest 2nd Q 17 $478,506 $776,931 $1,488,318 $3,930,309 $1,401,975
decrease of any size category. Only two-bedroom co-
3rd Q 17 $477,559 $775,436 $1,439,852 $3,768,071 $1,379,442
ops had a higher average price compared to a year ago.
4th Q 17 $496,128 $776,701 $1,476,833 $3,175,733 $1,269,829

1st Q 18 $467,108 $750,732 $1,499,682 $3,928,157 $1,387,658

2nd Q 18 $464,423 $764,165 $1,615,713 $3,638,242 $1,420,137

Condominium Average Sales Price

STUDIO 1-BEDROOM 2-BEDROOM 3+BEDROOM ALL
A jump in luxury closings helped bring the average
2nd Q 17 $720,440 $1,116,378 $2,056,096 $5,360,345 $2,227,788
price up 4% for resale condos from a year ago. Three-
bedroom and larger resale condos experienced an 3rd Q 17 $702,534 $1,088,581 $2,173,662 $4,310,492 $2,024,869
increase in their average price, while all other size
4th Q 17 $716,189 $1,125,883 $2,104,030 $4,923,895 $2,027,577
categories fell over the past year.
1st Q 18 $683,543 $1,137,281 $2,175,743 $5,425,648 $2,213,009

2nd Q 18 $705,835 $1,075,036 $2,005,773 $6,149,626 $2,317,795

Brown Harris Stevens  4

Manhattan Resale Cooperatives and Condominiums Second Quarter 2018

Resale apartments sold in the second quarter spent an average of 103 days on the Lofts
market, 7% longer than a year ago and the most time since the first quarter of 2013.
Loft apartments saw modest gains in both their average and median prices per square
Sellers received on average 97.0% of their last asking price, the biggest discounts
foot compared to a year ago.
given since the first quarter of 2013.

Time on the Market

103
100
100 96 Average and Median Sales Price Per Square Foot
90

82
$2,000
75

50

$1,616
$1,595

$1,566
$1,548
$1,500

$1,530

$1,522
25

$1,517
2Q17 3Q17 4Q17 1Q18 2Q18

$1,486
$1,484

$1,431
Selling vs. Last Asking Price

100%

99% $1,000

98.1% 98.1%
98%

97.4% 97.3%
97.0%
97%

96% $500
2Q17 3Q17 4Q17 1Q18 2Q18
2Q17 3Q17 4Q17 1Q18 2Q18

Average Sales Price PSF Median Sales Price PSF

Brown Harris Stevens  5

Percentage
Title Goes Here
of Resales SECOND QUARTER 2015

in Manhattan
SECOND QUARTER 2018

7.3%
Upper Manhattan
Generally north of 96th Street on the East Side,
110th Street on the West Side page 12

West Side
19.5% Generally 59th Street to 110th Street, Hudson
River to west of Fifth Ave. page 8

East Side
Generally 59th Street to 96th Street, Fifth Ave.
21.6% to the East River page 7

Midtown
19.1% 34th Street to 59th Street, East River
to the Hudson River page 9

Downtown
34th Street to 14th Street page 10

12.3%
Downtown
South of 14th Street page 11

20.2%

Brown Harris Stevens  6

East Side Resale Apartments Second Quarter 2018

Generally 59th St. to 96th St., Fifth Ave. to

the East River
STUDIO 1-BEDROOM 2-BEDROOM 3+BEDROOM

Percent of Sales 2nd Q 17 12% 34% 32% 22%

2nd Q 18 16% 35% 25% 24%

Median Price 2nd Q 17 $435,000 $763,750 $1,558,500 $3,650,000

2nd Q 18 $453,500 $735,000 $1,605,000 $3,075,000

% Change 4% -4% 3% -16%

BrownHarrisStevens.com WEB# 18447826

Cooperative Condominium
Average price per room Average price per square foot

$450,000 $2,000
$439,805
$421,499

$400,000

$1,648

$350,000
BrownHarrisStevens.com WEB# 18196594
$1,500
$1,480

$300,000
$289,382 $293,834

$250,000

$1,000

$200,000
High inventory levels pushed
the median price 16% lower for
three-bedroom and larger resale
$150,000
apartments.

Condos saw their average price per $100,000 $500

square foot decline 10% from 2Q17. Prewar Postwar 2Q17 2Q18

2Q17 2Q18
2Q17 2Q18
Brown Harris Stevens  7
West Side Resale Apartments Second Quarter 2018

Generally 59th St. to 110th St., Hudson River

to West of Fifth Ave.
STUDIO 1-BEDROOM 2-BEDROOM 3+BEDROOM

Percent of Sales 2nd Q 17 12% 33% 36% 19%

2nd Q 18 10% 31% 37% 22%

Median Price 2nd Q 17 $516,250 $815,000 $1,565,000 $3,338,000

2nd Q 18 $504,000 $785,000 $1,490,000 $3,127,500

% Change -2% -4% -5% -6%

BrownHarrisStevens.com WEB# 18564187

Cooperative Condominium
Average price per room Average price per square foot

$2,000
$400,000

$356,565
$350,000 $1,747 $1,730
$330,498

$1,500
$300,000 $294,850
BrownHarrisStevens.com WEB# 18558568
$281,761

$250,000

$1,000
$200,000
The median price for all sizes of
apartments was below last year’s
comparable period. $150,000

Prewar co-op prices averaged

$330,498 per room, 7% lower than a $100,000 $500
year ago. Prewar Postwar 2Q17 2Q18

2Q17 2Q18
2Q17 2Q18
Brown Harris Stevens  8
Midtown Resale Apartments Second Quarter 2018

34th St to 59th St, East River to the Hudson River

STUDIO 1-BEDROOM 2-BEDROOM 3+BEDROOM

Percent of Sales 2nd Q 17 22% 43% 27% 8%

2nd Q 18 22% 41% 28% 9%

Median Price 2nd Q 17 $440,000 $802,500 $1,450,000 $2,540,000

2nd Q 18 $425,000 $800,000 $1,475,000 $3,000,000

% Change -3% 0% 2% 18%

BrownHarrisStevens.com WEB# 18019805

Cooperative Condominium
Average price per room Average price per square foot

$2,000
$300,000

$259,987 $256,742
$252,950 $1,730
$250,000 $246,909

$1,553
$1,500

$200,000

$150,000

Several luxury closings, many of which were $1,000

at 432 Park Avenue, inflated the three-
bedroom and larger median resale price in
$100,000
the second quarter.

This also is reflected in the 11% jump in

the average condo price per square foot
compared to a year ago. $50,000
Prewar Postwar
$500
2Q17 2Q18

2Q17 2Q18
2Q17 2Q18
Downtown Resale Apartments Second Quarter 2018

34th St. to 14th St.

STUDIO 1-BEDROOM 2-BEDROOM 3+BEDROOM

Percent of Sales 2nd Q 17 20% 49% 22% 9%

2nd Q 18 26% 49% 22% 3%

Median Price 2nd Q 17 $550,000 $900,000 $2,017,500 $3,550,000

2nd Q 18 $545,000 $867,250 $1,512,500 $2,550,000

% Change -1% -4% -25% -28%

BrownHarrisStevens.com WEB# 17719830

Cooperative
Cooperative Condominium
Condominium
Average price per room Average price per square foot
AVERAGE PRICE PER ROOM AVERAGE PRICE PER SQUARE FOOT

$2,000
$350,000

$300,549 $1,766
$300,000
$285,105 $1,693
$278,555

BrownHarrisStevens.com WEB# 18653794 $1,500

$250,000 $250,973

$200,000

$1,000
The median price fell sharply $150,000

from 2017’s second quarter in

the two- and three-bedroom and
larger size categories. $100,000

Studio and one-bedroom

apartments had more modest
$50,000 $500
declines in their median price. Prewar Postwar 2Q17 2Q18

2Q17 2Q18
2Q17 2Q18
Brown Harris Stevens  10
Brown Harris Stevens  10
Downtown Resale Apartments Second Quarter 2018

South of 14th St.

STUDIO 1-BEDROOM 2-BEDROOM 3+BEDROOM

Percent of Sales 2nd Q 17 17% 42% 31% 10%

2nd Q 18 21% 39% 30% 10%

Median Price 2nd Q 17 $640,000 $905,520 $1,820,000 $3,812,500

2nd Q 18 $556,750 $925,000 $1,606,500 $3,452,000

http
town
% Change -13% 2% -12% -9%
BrownHarrisStevens.com WEB# 18527830

Cooperative Condominium
Average price per room Average price per square foot

$2,000
$400,000

$350,000 $1,744
$342,774
$1,652
$326,417
$311,289
BrownHarrisStevens.com WEB# 18490499 $1,500
$300,000 $298,247

$250,000

$200,000 $1,000
One-bedroom apartments were
the only size category to show an
increase in median price over the
past year. $150,000

The average condo price per

square foot fell 5% from 2Q17, to $500
$100,000
$1,652. Prewar Postwar 2Q17 2Q18

2Q17 2Q18
2Q17 2Q18
Brown Harris Stevens  11
Upper Manhattan Resale Apartments Second Quarter 2018

Generally North of 96th Street on the East Side, and

110th St. on the West Side

STUDIO 1-BEDROOM 2-BEDROOM 3+BEDROOM

Percent of Sales 2nd Q 17 5% 30% 47% 18%

2nd Q 18 8% 40% 34% 18%

Median Price 2nd Q 17 $370,000 $450,000 $773,500 $965,000

2nd Q 18 $312,000 $525,000 $737,500 $960,000

% Change -16% 17% -5% -1%

BrownHarrisStevens.com WEB# 18527666

Cooperative Condominium
Average price per room Average price per square foot

$200,000 $1,500

$156,639
BrownHarrisStevens.com WEB# 18051878 $150,000 $151,509

$137,817
$134,896
$1,000
$972
$941

$100,000
Co-op prices rose for both prewar
and postwar units.

The average condo price reached

$972 per square foot, 3% more than
a year ago.
$50,000 $500
Prewar Postwar 2Q17 2Q18

2Q17 2Q18
2Q17 2Q18

Brown Harris Stevens  12

 This report is based on 2,245
second quarter sales, 12% fewer

Contact us than the same period a year ago.

Prepared by Gregory Heym, Chief
Economist, and Alan Tsang,
Senior Analyst, Brown Harris
Stevens.
Madison Avenue
790 Madison Avenue ©2018 by Brown Harris
Caroline E. Y. Guthrie Stevens. All Rights Reserved. This
Managing Director of Sales information may not be copied,
used or distributed without Brown
Harris Stevens’ consent. While
information is believed true, no
guaranty is made of accuracy.

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Bess Freedman, Co-President

5 T H AV E N U E
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Managing Director of Sales Ruth McCoy, EVP
C E N T R A L PA R K
Managing Director of Sales
Richard Ferrari, EVP
Managing Director of Sales
Neil M. Laurine, EVP
Managing Director of Sales

Brown Harris
Stevens
Development
Marketing
445 Park Avenue
Downtown Stephen Kliegerman, Brooklyn Heights Park Slope
130 Fifth Avenue President, Development 129 Montague Street 100 Seventh Avenue
Stephen Klym, EVP Marketing Christopher Thomas, EVP Camille Logan, EVP
Managing Director of Sales Managing Director of Sales Managing Director of Sales
Sarah Orlinsky-Maitland, EVP
Managing Director of Sales
Tribeca
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Stephen Klym, EVP
Managing Director of Sales

212.906.9200