quarterly€¦ · current quarter is reflective of the 1st day of the quarter until the 20th day of...

Q 2 2 0 1 9

M A N H A T T A N

N E W D E V E L O P M E N T

M A R K E T R E P O R T

Q U A R T E R L Y

FOU N DE R a n d C E O

T H E M A N H AT TA N N E W DE V E L OP M E N T M A R K E T I S I NC R E DI B LY C OM P L E X and constantly

changing. It is for this reason that we are proud to issue the first-of-its-kind new development market report

covering sales, contracts, and inventory levels in Manhattan. Several high-profile developments initiated closings

this quarter, including One Manhattan Square, 15 Hudson Yards, and 565 Broome Street. These closings

pushed the total number of sales to 482, the highest quarterly total since 2016.

While there is a concern over the amount of supply on the market and ‘shadow inventory’ waiting to come to

market, deals are getting done. Developers shifted their plans, offered new incentives, and buyers have taken

notice. Just this quarter, Jeff Bezos of Amazon paid $80 million for three condos at 212 Fifth Avenue, setting a new

Downtown price record. Records aside, there is activity occurring at all price levels. If the numbers are any indication

– and we believe they are – the market may have just reached a tipping point, with buyers ready to reengage.

3

04 Methodology

05 Market Overview

07 Recorded Sales

14 Signed Contracts

20 Inventory

R E S E A R C H E D & W R I T T E N BY

Garrett Derderian Managing Director of Market Analysis

S O U R C E S

CORE Proprietary Database ACRIS (Automated City Register Information System)

Q 2 2 0 1 9

M A N H A T T A N



Q U A R T E R L Y

4

GEOGR A PH Y covered in this

report is Manhattan.

IN V ENTORY is calculated based

on all properties actively listed

during the quarter at the time

the report is prepared.

CONTR ACT S IGNED figures for

the current quarter are based on

publicly reported transactions at

the time the report is prepared.

The signed price reflects the

latest available asking price.

RECORDED SA LE S figures for

the current quarter are based on

known closings recorded at the

time the report is prepared.

MEDIA N PRICE is the middle

price of a given dataset.

AV ER AGE PRICE is the sum of

all prices divided by the total

number of properties.

D ISCOUNT is the percentage

difference between the initial list

and recorded sale price.

MONTHS OF SUPPLY is the

estimated time it would take to

sell all current active listings

based on the trailing 12-months

sales rate.

T IME ON M A RK E T is calculated

by how many properties entered

contract during the quarter in the

given period.

CURRENT QUA RTER is reflective

of the 1st day of the quarter

until the 20th day of the closing

month of the quarter. These

numbers will be updated in

subsequent reports to reflect

the dataset of the entire quarter.

QUA RTERS

Q1 January 1 - March 31

Q2 April 1 - June 30

Q3 July 1 - September 30

Q4 October 1 - December 31

M E T H O D O L O G Y

U P P E R M A N H AT TA N

B I L L IO N A I R E ’ S R O W

U P P E R E A S T S I D E

D O W N T O W N

M I D T O W N

U P P E R W E S T S I D E

5

352A V E R A G E D AY S O N M A R K E T

482T O TA L U N I T S S O L D

3% D I S C O U N T R AT E

923T O TA L U N I T S I N V E N T O R Y

M E D I A N P R I C E

$2,485,679

M A N H A T T A N M A R K E T O V E R V I E W

A V E R A G E S A L E S P R I C E

$3,876,637

$2,345 A V E R A G E P R I C E P E R S Q U A R E F O O T

6

$-

$1,000

$2,000

$4,000

$3,000

$5,000

$7,000

$6,000

UPPER MANHATTAN UPPER WEST SIDE MIDTOWNUPPER EAST SIDE BILLIONAIRE’S ROW DOWNTOWN

ACTIVE SIGNED CONTRACT CLOSED

The new development market played a pivotal role in the perception of the overall

market in Q2 2019. New development listings continued to increase their overall

market share, as the growing level of ‘shadow inventory,’ which are yet-to-be

marketed units within developments, remains a concern.

Across the city, the most expensive properties could be found on Billionaire’s Row,

where the price-per-foot of a closed property averaged $6,960. The next most

expensive market was the Upper West Side, where closed properties averaged

$2,868/SF. Midtown closely followed at $2,612/SF, while Upper Manhattan remained

the most affordable market. There, the average price-per-foot was $1,192.

Inventory prices were also the highest on Billionaire’s Row, where listings averaged

$5,385/SF. The Upper East Side, Upper West Side, Midtown, and Downtown

markets all recorded similar asking prices in the $2,500-per-foot range, while Upper

Manhattan was the most affordable option, averaging $1,377/SF.

M A R K E T A N A L Y S I S

P R I C E P E R S Q U A R E F O O T B Y S U B M A R K E T

7

R E C O R D E D S A L E S

Across bedroom types, 2BR units captured 40% of closings and noted the greatest

price increases. Their median price jumped 32% to $3,600,000 and their average

jumped 29% to $3,814,560. Several high-profile deals at 220 Central Park South

and 15 Hudson Yards contributed to the rise.

1BR units recorded the most transactions and saw their median and average prices

rise 7% each, to $1,578,287 and $1,727,468, respectively. Like 2BRs, sales at 15

Hudson Yards fueled the growth.

Larger, 4+BR units posted the single greatest decline, with their average price

falling 13% to $11,117,341. However, their average size measured the steepest

decline across bedroom types, 11%, explaining the drop.

3BR units recorded the greatest price-per-foot spike, jumping 21% to $2,864. As a

result, these units noted a 25% increase in their average price, hitting $6,793,056.

Studios, with 2% of the market, had negligible changes year-over-year.

B Y B E D R O O M T Y P E

0% 10% 20% 30% 40% 50%

4BR+ 4BR+ 4BR+

3BR 3BR 3BR

2BR 2BR 2BR

1BR 1BR 1BR

STUDIO STUDIO STUDIO2%

9%

6%

40%

43%

P E R C E N TA G E O F U N I T S

- 1,000 2,000 3,000 4,000

3,591

2,174

1,509

808

599

A V E R A G E S I Z E ( S F )

$500 $1,500 $2,500 $3,500

$3,020

$2,864

$2,416

$2,099

$1,876

A V E R A G E P R I C E P E R S Q U A R E F O O T

8

C L O S E D T R A N S A C T I O N S B Y B E D R O O M T Y P E

S T U D I O 1B R 2 B R 3 B R 4 B R

% U N I T S 2% 43% 40% 9% 6%

AVER AGE D ISCOUNT 0.5% 2% 3% 4% 7%

M ED I A N P R I C E $1,122,430 $1,578,287 $3,600,000 $5,169,411 $8,964,200

YOY - 7% 32% 1% 9%

AV ER AG E P R I C E $1,124,283 $1,727,468 $3,814,560 $6,793,056 $11,117,341

YOY - 7% 29% 25% -13%

AV ER AG E P P S F $1,876 $2,099 $2,416 $2,864 $3,020

YOY - 8% 17% 21% 1%

AV ER AG E S F 599 808 1,509 2,174 3,591

YOY - -2% 6% -4% -11%

4 + B E DR O O M S

30 units / 6%

2 B E DR O O M S

193 units / 40%

S T U DIO S

10 units / 2%

3 B E DR O O M S

42 units / 9%

1 B E DR O O M S

207 units / 43%

9

R E C O R D E D S A L E SB Y P R I C E P O I N T

Of the past 10 quarters, Q2 2019 saw the least number of transactions $5M and above, with 19% of all deals. The highest total was in Q1 2017 when the same range totaled 44% of the market. The percentage of these transactions has been in a general decline since.

The largest share of closings, totaling 30%, were priced between $1-2M. These units averaged 792 square feet and had a price-per-foot of $1,884. Both their median and average prices dipped 4% to $1,414,379 and $1,433,756, respectively.

Properties priced between $2-3M captured the next greatest share of closings, with 25%. There, the median price slid 6% to $2,447,599 and the average dipped 3% to

$2,448,164. These units recorded a 15% increase in their average price-per-foot, but a 16% drop in size offset the rise.

Notably, sales priced between $7-10M and $10-20M recorded the greatest price increases. For sales between $7-10M, their median price increased 12% to $8,709,287 and their average price increased 7% to $8,458,269. Sales between $10-20M saw their median surge 38% to $15,782,875 and their average improve 16% to $14,736,414.

0% 10% 20% 30% 40%

6%

30%

25%

20%

9%

4%

4%

2%

P E R C E N TAG E O F U N I T S

- 1,000 2,000 3,000 4,000 5,000

<$1M <$1M<$1M

$1-2M $1-2M$1-2M

$2-3M $2-3M$2-3M

$3-5M $3-5M$3-5M

$5-7M $5-7M$5-7M

$7-10M $7-10M$7-10M

$10-20M $10-20M$10-20M

$20M+ $20M+$20M+

615

792

1,127

1,648

2,105

2,840

3,827

3,673

AV E R AG E S I Z E ( S F )

$- $2,000 $4,000 $6,000 $8,000

$1,373

$1,884

$2,236

$2,520

$2,729

$2,992

$4,506

$7,359

AV E R AG E PR I CE PE R SQ UA R E FOOT

10

<$1M $1-2M $2-3M $3-5M $5-7M $7-10M $10-20M $20M+

% U N I T S 6% 30% 25% 20% 9% 4% 4% 2%

AV ER AG E D I S C O U N T 3% 2% 4% 3% 6% 4% 12% 14%

M ED I A N P R I C E $809,508 $1,414,379 $2,447,599 $4,002,553 $5,498,550 $8,709,287 $15,782,875 $26,474,500

YOY -12% -4% -6% -1% 1% 12% 38% 0%

AV ER AG E P R I C E $815,327 $1,433,756 $2,448,164 $4,072,589 $5,646,794 $8,458,269 $14,736,414 $27,922,147

YOY -11% -4% -3% 2% -3% 7% 16% -12%

AV ER AG E P P S F $1,373 $1,884 $2,236 $2,520 $2,729 $2,992 $4,506 $7,359

YOY -10% 0.3% 15% 15% 14% 6% 36% 44%

AV ER AG E S F 615 792 1,127 1,648 2,105 2,840 3,827 3,673

YOY 1% -2% -16% -10% -14% -4% -8% -31%

C L O S E D T R A N S A C T I O N S B Y P R I C E P O I N T

11

Q 2 2 0 1 9 C L O S E D T R A N S A C T I O N S B Y P R I C E P O I N T

8 units / 2%20 units / 4%

20 units / 4% 28 units / 6%

146 units / 30%

120 units / 25%

98 units / 20%

42 units / 9%

$ 2 0 M+$ 10 M-2 0 M

$ 7 M-10 M <$ 1 M

$ 1 M-2 M

$ 2 M- 3 M

$ 3 M- 5 M

$ 5 M-7 M

<$1M $1M-2M $2M-3M $3M-5M $5M-7M $7M-10M $10M-20M $20M+

2017 2018 2019

0%

10%

100%

20%

30%

40%

50%

60%

70%

80%

90%

6%

25%

32%

17%

7%

4%

4%

5%

20%

24%

13%

11%

7%

7%

8%

10%

14%

19%

20%

15%

10%

9%

7%

5%

15%

18%

20%

17%

14%

8%

5%

2%

9%

22%

25%

22%

7%

7%

4%

2%

10%

20%

22%

24%

8%

10%

5%

1%

7%

23%

16%

22%

15%

10%

7%

5%

23%

10%

24%

20%

10%

7%

2%

4%

16%

14%

22%

16%

15%

10%

3%

H I S T O R I C A L T R E N D S I N C L O S E D T R A N S A C T I O N S

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

6%

30%

4%

4%

2%

9%

20%

25%

1%

12

R E C O R D E D S A L E SB Y S U B M A R K E T

The Downtown market continued to capture the majority of closings, with 66% of all sales. There, apartments averaged 1,203 square feet and had an average price-per-foot of $2,243. Midtown captured the next greatest share of closings, with 15%, and had an average size of 1,565 square feet and price of $2,612/SF. The remaining markets each totaled 6% share or less.

Upper East Side properties saw the greatest price declines of any market, with their median price down 33% and average price down 52%. These declines are directly related to high-priced closings that occurred in Q2 2018 at 20 East End Avenue and 200 East 95 Street, and not reflective of broader market conditions.

In an opposite effect, the Upper West Side saw its median price increase 39% and its average price surge 70%. These increases were driven by sales at 250 West 81 Street. Billionaire’s Row had a 25% spike in its median sales price, and a 43% jump in average sales price. Like the Upper West Side, these increases were largely driven by a single building: 220 Central Park South.

60% 70%0% 10% 20% 30% 40% 50%

MIDTOWN

DOWNTOWN

BILLIONAIRE’S ROW

UPPER WEST SIDE

UPPER EAST SIDE

UPPER MANHATTAN

2%

15%

66%

6%

6%

5%

3,5000 500 1,000 1,500 2,000 2,500 3,000

3,048

1,565

1,203

1,396

865

2,655

$- $1,000 $3,000 $5,000 $7,000

$6,960

$2,612

$2,243

$1,819

$1,192

$2,868

P E R C E N TAG E O F U N I T S AV E R AG E S I Z E ( S F ) AV E R AG E PR I CE PE R SQ UA R E FOOT

13




D O W N T O W N

M I D T O W N


74 units / 15%

23 units / 5%

29 units / 6%

11 units / 2%

316 units / 66%

29 units / 6%

UPPER MANHATTAN

UPPER EAST SIDE

UPPER WEST SIDE

BILLIONAIRESROW

MIDTOWN DOWNTOWN

% U N I T S 6% 6% 5% 2% 15% 66%

AV ER AG E D I S C O U N T 2% 3% 3% 14% 6% 3%

M ED I A N P R I C E $1,055,000 $2,260,515 $7,300,000 $19,855,875 $3,833,033 $2,264,975

YOY - -33% 39% 25% -5% -20%

AV ER AG E P R I C E $1,059,398 $2,524,061 $8,916,035 $22,658,335 $4,188,624 $3,179,472

YOY - -52% 70% 43% 1% -35%

AV ER AG E P P S F $1,192 $1,819 $2,868 $6,960 $2,612 $2,243

YOY - -15% 30% 57% 10% 1%

AV ER AG E S F 865 1,396 2,655 3,048 1,565 1,203

YOY - -35% 14% -8% -6% -23%

C L O S E D T R A N S A C T I O N S B Y S U B M A R K E T

14

S I G N E D C O N T R A C T SB Y B E D R O O M T Y P E

Like recorded sales, 2BR units captured the greatest share of contracts, with 36% of all deals. These units measured an average of 1,414 square feet and had an average price of $2,082/SF. Their median price slipped 8% to $2,740,000 and their average dropped 4% to $3,009,981.

1BR units made up 33% of all deals. They were the only bedroom type to record an average price increase, up 17% to $1,741,587. Average unit size played a role, up 14% to 871 square feet. Their median price remained stable, dipping 1% to $1,410,000.

Studio units posted the largest declines, with their median price down 9% to $843,125, average price down 8% to $843,334, and average price-per-foot down 12% to $1,562. The limited number of new development studios can cause greater yearly shifts than other bedroom types.

4+BR units also noted a slight median price decline, down 4% to $8,147,500. Their average price dropped 13%, the most of any bedroom type, to $9,992,925. These units also had the greatest size decline, down 6% to 3,302 square feet.

0% 10% 20% 30% 40%

4BR+

3BR

2BR

1BR

STUDIO 5%

18%

7%

36%

33%

500 1,500 2,500 3,500

4BR+

3BR

2BR

1BR

STUDIO

3,302

2,420

1,414

871

543

$500 $1,500 $2,500 $3,500

4BR+

3BR

2BR

1BR

STUDIO

$3,085

$2,738

$2,082

$1,939

$1,562


15

STUDIO 1BR 2BR 3BR 4+BR

% U N I T S 5% 33% 36% 18% 7%

M ED I A N P R I C E $843,125 $1,410,000 $2,740,000 $5,383,000 $8,147,500

YOY -9% -1% -8% -7% -4%

AV ER AG E P R I C E $843,334 $1,741,587 $3,009,981 $7,261,469 $9,992,925

YOY -8% 17% -4% 2% -13%

AV ER AG E P P S F $1,562 $1,939 $2,082 $2,738 $3,085

YOY -12% 1% -1% -4% 3%

AV ER AG E S F 543 871 1,414 2,420 3,302

YOY 4% 14% -3% 4% -6%

4 + B E DR O O M S

20 units / 7%

2 B E DR O O M S

99 units / 36%

S T U DIO S

14 units / 5%

3 B E DR O O M S

49 units / 18%

1 B E DR O O M S

90 units / 33%

S I G N E D C O N T R A C T S B Y B E D R O O M T Y P E

16

S I G N E D C O N T R A C T SB Y P R I C E P O I N T

The largest share of contracts went to listings priced between $1-2M. These units had an average size of 833 square feet and a price-per-foot of $1,821. Their median price ticked up 2% to $1,452,500 and their average price dropped 1% to $1,470,391.

Contracts priced between $3-5M totaled the next greatest share, with 24% of all deals. These units average 1,666 square feet and $2,309/SF. These units also saw price declines, with their median dropping 5% to $3,667,500 and their average losing 4%, at $3,758,492.

The greatest price drops could be found for contracts priced $20M+, which made up 1% of all transactions. There, the median price plunged 27% and the average price lost 30%. Their average price-per-foot observed the greatest decline, down 18%. Still, their PPSF was 84% higher than those units priced between $10-20M.

For units that entered contract between $10-20M, their median price slipped 13% and their average price dropped 6%. Like properties priced $20M+, a size decline accelerated the losses.

0% 10% 15%5% 20% 25% 35%30%

<$1M

$1-2M

$2-3M

$3-5M

$5-7M

$7-10M

$10-20M

$20M+

10%

30%

18%

24%

6%

7%

4%

1%

- 1,000 2,000 3,000 4,000 6,0005,000

<$1M

$1-2M

$2-3M

$3-5M

$5-7M

$7-10M

$10-20M

$20M+

636

833

1,345

1,666

2,540

2,723

3,761

5,034

$1,000 $3,000 $5,000 $7,000

<$1M

$1-2M

$2-3M

$3-5M

$5-7M

$7-10M

$10-20M

$20M+

$1,307

$1,821

$1,994

$2,309

$2,411

$3,076

$3,558

$6,558


17

S I G N E D C O N T R A C T S B Y P R I C E P O I N T

< $1M $1-2M $ 2-3 M $ 3 - 5M $ 5 -7M $ 7-10 M $10 -2 0 M $ 2 0 M+

% U N I T S 10% 30% 18% 24% 6% 7% 4% 1%

M ED I A N P R I C E $835,625 $1,452,500 $2,660,000 $3,667,500 $5,937,500 $8,042,500 $13,280,000 $29,912,500

YOY -5% 2% 15% -5% -3% -8% -13% -27%

AV ER AG E P R I C E $817,750 $1,470,391 $2,618,320 $3,758,492 $5,905,813 $8,258,611 $13,393,000 $31,080,000

YOY -0.4% -1% 8% -4% -2% -2% -6% -30%

AV ER AG E P P S F $1,307 $1,821 $1,994 $2,309 $2,411 $3,076 $3,558 $6,558

YOY 3% -6% -3% 2% -6% 5% -1% -18%

AV ER AG E S F 636 833 1,345 1,666 2,540 2,723 3,761 5,034

YOY -10% 7% 11% -6% 6% -10% -6% -9%

26 units / 10%

<$ 1 M

4 units / 1%

$ 2 0 M+

82 units / 30%

$ 1 M-2 M

50 units / 18%

$ 2 M- 3 M

66 units / 24%

$ 3 M- 5 M

16 units / 6%

$ 5 M-7 M

18 units / 7%

$ 7 M-10 M

10 units / 4%

$ 10 M-2 0 M

18

S I G N E D C O N T R A C T SB Y S U B M A R K E T

The Downtown market captured the majority of contracts signed in the second quarter, with 51%. These units measured an average of 1,485 square feet and cost an average of $2,225/SF. Their median price was down 17% to $2,732,500 and their average price dropped 26% to $3,568,899.

Billionaire’s Row, with 11% of all contracts, noted the most significant declines of any market. There, the median price dropped 91% to $5,142,500, average price fell 85% to $8,123,167, and average price-per-foot dropped 66% to $3,216. These drops were a result of a 63% decline in size and a large concentration of contracts at 53 W 53 Street.

Upper Manhattan noted the greatest price increases, with its median price up 37% to $1,199,500 and its average price up 29% to $1,344,520. These properties saw the greatest price-per-foot increase, up 22% to $1,459. The Upper East Side and Upper West Side noted similar price declines. On the Upper East Side, the median price dropped 32% and the average price dropped 25%. On the Upper West Side, the median price lost 44%, while its average price was down 32%. Both markets noted average size dips, fueling the losses.


60%0% 10% 20% 30% 40% 50%

MIDTOWN

DOWNTOWN

BILLIONAIRE’S ROW

UPPER WEST SIDE

UPPER EAST SIDE

UPPER MANHATTAN

11%

4%

51%

5%

20%

10%

$- $500 $1,500 $2,500 $3,500

$3,216

$2,135

$2,225

$2,046

$1,459

$2,259

0 500 1,000 1,500 2,000

2,219

1,674

1,485

1,748

941

1,801

2,500

19




D O W N T O W N

M I D T O W N


11 units / 4%

26 units / 10%

13 units / 5%

30 units / 11%

138 units / 51%

54 units / 20%

U P P ER MANHATTAN

U P P ER E A S T S I D E

U P P ER W E S T S I D E

BILL IONA IRESROW

M I D TOW N D OW N TOW N

% U N I T S 20% 5% 10% 11% 4% 51%

M ED I A N P R I C E $1,199,500 $2,993,000 $3,867,500 $5,142,500 $2,765,000 $2,732,500

YOY 37% -32% -44% -91% -6% -17%

AVER AGE PR ICE $1,344,520 $3,986,615 $4,287,885 $8,123,167 $4,553,636 $3,568,899

YOY 29% -25% -32% -85% 42% -26%

AV ER AG E P P S F $1,459 $2,046 $2,259 $3,216 $2,135 $2,225

YOY 22% -6% -20% -66% 2% 0.4%

AV ER AG E S F 941 1,748 1,801 2,219 1,674 1,485

YOY 12% -13% -27% -63% 56% 2%

S I G N E D C O N T R A C T S B Y S U B M A R K E T

20

I N V E N T O R YB Y B E D R O O M T Y P E

The largest share of inventory was made up of 2BR units. These homes had an average size of 1,511 square feet and a price-per-foot of $2,230. Their median price ticked up 3% to $2,995,990 and their average price increased 1% to $3,410,549.

3BR units captured the next greatest share of inventory, with 28% of all listings. These properties saw the only median price drop, down 3% to $5,502,500. Their average price was slightly lower, dipping 1% to $6,977,778. Notably, these units had the greatest reduction in size, dropping 4% to 2,367 square feet.

The greatest price increases were for 4+BR units, whose median price was up 24% to $12,250,000 and average price was up 18% to $16,474,991. The price increases were a result of a 9% increase in their average price-per-foot to $3,588, and 6% increase in size to 4,125.

Studios witnessed a 7% increase for both their median and average prices. Their median increased to $1,285,000 and their average was $1,372,333. These units saw the greatest price-per-foot decline, down 7% to $1,933.

0% 10% 20% 30% 40%

4BR+

3BR

2BR

1BR

STUDIO 4%

28%

15%

35%

18%

- 1,000 2,000 5,000

4BR+

3BR

2BR

1BR

STUDIO

4,125

2,367

1,511

874

672

3,000 4,000 $1,000 $2,000 $3,000 $4,000

4BR+

3BR

2BR

1BR

STUDIO

$3,588

$2,746

$2,230

$1,982

$1,933

-


21

4 + B E DR O O M S

140 units / 15%

2 B E DR O O M S

325 units / 35%

S T U DIO S

39 units / 4%

3 B E DR O O M S

257 units / 28%

1 B E DR O O M S

162 units / 18%

STUDIO 1BR 2BR 3BR 4+BR

% U N I T S 4% 18% 35% 28% 15%

M ED I A N P R I C E $1,285,000 $1,704,000 $2,995,990 $5,502,500 $12,250,000

YOY 7% 7% 3% -3% 24%

AV ER AG E P R I C E $1,372,333 $1,760,673 $3,410,549 $6,977,778 $16,474,991

YOY 7% -1% 1% -1% 18%

AV ER AG E P P S F $1,933 $1,982 $2,230 $2,746 $3,588

YOY -7% 0.2% 0.3% 1% 9%

AV ER AG E S F 672 874 1,511 2,367 4,125

YOY 2% -1% 1% -4% 6%

I N V E N T O R Y B Y B E D R O O M T Y P E

22

I N V E N T O R YB Y P R I C E P O I N T

The greatest concentration of inventory was priced between $3-5M. These units has an average size of 1,757 square feet and cost an average of $2,326/SF. Their median price dipped 1% to $3,950,000 and their average fell 3% to $3,990,358.

Units priced between $2-3M totaled the next highest level of inventory, with 21% of all listings. These units measured an average of 1,306 square feet and had an average price-per-foot of $2,022. Their median price declined 5% to $2,547,000 and their average dropped 2% to $2,564,732.

Listings priced under $1M made up the smallest share of inventory, at 4%. Their median price was down 1% to $810,000 and their average dropped 14% to $781,401. A 6% drop in their average price-per-foot and a 5% dip in size contributed to the losses.

20M+ units measured the greatest average price increase, up 6% to $33,667,500. However, their median price recorded a slight decline, down 2% to $28,875,000. Their average price increase was related to a 5% jump in size to 6,013 square feet.

- 2,000 4,000 8,0006,000

<$1M

$1-2M

$2-3M

$3-5M

$5-7M

$7-10M

$10-20M

$20M+

649

890

1,306

1,757

2,283

2,963

3,830

6,013

0% 10% 15%5% 20% 25%

<$1M

$1-2M

$2-3M

$3-5M

$5-7M

$7-10M

$10-20M

$20M+

4%

17%

21%

24%

14%

8%

7%

5%

30% $2,000 $4,000 $6,000 $8,000

<$1M

$1-2M

$2-3M

$3-5M

$5-7M

$7-10M

$10-20M

$20M+

$1,274

$1,831

$2,022

$2,326

$2,713

$2,980

$3,835

$5,748

-

P E R C E N TAG E O F U N I T S AV E R AG E S I Z E ( S F ) AVERAGE PRICE PER SQUARE FOOT

23

I N V E N T O R Y B Y P R I C E P O I N T

<$1M $1-2M $2-3M $3-5M $5-7M $7-10M $10-20M $20M+

% U N I T S 4% 17% 21% 24% 14% 8% 7% 5%

M ED I A N P R I C E $810,000 $1,572,500 $2,547,000 $3,950,000 $5,995,000 $8,585,000 $13,987,500 $28,875,000

YOY -1% 6% -5% -1% 1% -1% -6% -2%

AV ER AG E P R I C E $781,401 $1,572,927 $2,564,732 $3,990,358 $6,048,688 $8,622,333 $14,311,080 $33,667,500

YOY -14% -1% -2% -3% 0.3% -2% -5% 6%

AV ER AG E P P S F $1,274 $1,831 $2,022 $2,326 $2,713 $2,980 $3,835 $5,748

YOY -6% -7% -1% -1% 6% 5% 1% -1%

AV ER AG E S F 649 890 1,306 1,757 2,283 2,963 3,830 6,013

YOY -5% 8% -2% -4% -6% -7% -5% 5%

36 units / 4%

<$ 1 M

46 units / 5%

$ 2 0 M+

154 units / 17%

$ 1 M-2 M

197 units / 21%

$ 2 M- 3 M221 units / 24%

$ 3 M- 5 M

134 units / 14%

74 units / 8%

$ 5 M-7 M

$ 7 M-10 M

61 units / 7%

$ 10 M-2 0 M

24

I N V E N T O R YB Y S U B M A R K E T

The majority of listings, with 62%, were located Downtown. These units measured an average of 1,970 square feet and cost an average of $2,488/SF. They showed a median price improvement of 16% to $3,465,000 and an average price increase of 4% to $5,592,408.

Upper Manhattan, with 7% of all listings, posted the greatest price increases of any market. There, the median price surged 68% and the average price grew 45% to $1,608,604. Their price-per-foot grew 12%, accompanied by a 22% increase in average size. Listings at 543 W 122 Street were largely responsible for the increases.

Billionaire’s Row also exhibited price increases, with the area’s median price up 11% to $20,250,000 and its average price up 32% to $25,435,000. Notably, these units saw an average size increase of 18%, accelerating the rise.

The Upper West Side noted the steepest price declines, with the median price falling 32% and the average price dropping 27%. Although the average price-per-foot increased 5% to $2,512, a 31% decline in size offset the appreciation.

60% 70%0% 10% 20% 30% 40% 50%

MIDTOWN

DOWNTOWN

BILLIONAIRE’S ROW

UPPER WEST SIDE

UPPER EAST SIDE

UPPER MANHATTAN

13%

3%

62%

5%

7%

9%

$- $2,000 $4,000 $6,000

$5,385

$2,697

$2,488

$2,538

$1,377

$2,512

0 1,000 3,0002,000 4,000

4,347

2,001

1,970

2,611

1,137

1,872

5,000

P E R C E N TAG E O F U N I T S AV E R AG E S I Z E ( S F ) AVERAGE PRICE PER SQUARE FOOT

25




D O W N T O W N

M I D T O W N


121 units / 13%

49 units / 5%

87 units / 9%

28 units / 3%

572 units / 62%

66 units / 7%

UPPER MANHATTAN

UPPER EAST SIDE

UPPER WEST SIDE

BILLIONAIRESROW

MIDTOWN DOWNTOWN

% U N I T S 7% 5% 9% 3% 13% 62%

M ED I A N P R I C E $1,324,000 $5,350,000 $3,985,000 $20,250,000 $4,180,000 $3,465,000

YOY 68% -1% -32% 11% -16% 16%

AV ER AG E P R I C E $1,608,604 $7,706,307 $4,825,352 $25,435,000 $6,029,610 $5,592,408

YOY 45% 10% -27% 32% -11% 4%

AV ER AG E P P S F $1,377 $2,538 $2,512 $5,385 $2,697 $2,488

YOY 12% 4% 5% 3% 1% 2%

AV ER AG E S F 1,137 2,611 1,872 4,347 2,001 1,970

YOY 22% 4% -31% 18% -13% 5%

I N V E N T O R Y B Y S U B M A R K E T

N E W Y O R K C I T Y ’ S L E A D I N G B O U T I Q U E R E A L E S T A T E F I R M

The information complied by CORE Group Marketing LLC (“CORE”) is produced and analyzed from sources deemed to be reliable. CORE makes no representations or warranties, express or implied, with respect to future market conditions or prices of residential product at the time the subject property or any competitive property is complete and ready for occupancy or with respect to any report, study, finding, recommendation, or other information provided by CORE herein. Moreover, no warranty, express or implied, is made or should be assumed regarding the accuracy, adequacy, completeness, legality, reliability, merchantability, or fitness for a particular purpose of any information, in part or whole, contained herein. All material is presented with the understanding that CORE is not providing any legal, accounting, or other professional services. Nothing in this report shall constitute an offer or solicitation with respect to purchase, sale or rental of any property. Any and all such warranties are hereby expressly disclaimed. © 2019, CORE. This report and the information provided in this report are proprietary to CORE and may not be sold, used or reprinted, in whole or in part, without the prior written consent in each instance of CORE. Equal Housing Opportunity. All Rights Reserved.

1 0 4 F I F T H AV E · 1 7 T H F L O O R · N E W Y O R K , N Y 1 0 0 1 1 · 2 1 2 - 6 1 2 - 9 6 0 9 · C O R E N Y C . C O M

R E S E A R C H

Garrett Derderian Managing Director of Market Analysis 646-677-2042 [email protected]

Annilee Neuss Research Analyst

M E D I A

Kristen Krajewski PR Manager 212-726-0796 [email protected]

Q 2 2 0 1 9

M A N H A T T A N



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