Manhattan Multi-Family Market Report Q1 2019

Welcome to the Manhattan Multi-Family Sales Real Estate Market Report for the 1stquarter of 2019.

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 of the New York Giants Manhattan’s iconic skyline is home to 1.6 million people and remains one of the most desirable places to live and visit on the planet. yet, the Multifamily market is still steadily suffering a decline – both across the borough and across the city. Sales volume this quarter totaled $996.9 Million: A shocking 36% percent decrease over last year’s first-quarter sales volume. Square-footage pricing actually substantially increased. Going up 36% from 2018, to an average of $794.

Average selling prices in Manhattan have increased, up 45% percent from last year’s records and coming in at $736,000 per unit across the island. While total transactions have decreased 34% percent, with just 74 sales in the 2018’s second quarter.

Though Manhattan’s volume market is trending down, the top sales numbers still rival the skyline in height. The 1st Quarter’s top sale is located in Tribeca, where 450 Washington St sold for a striking $260,000,000.Though, at just $851 per square foot, that sale is far below the average square-footage of the top ten most expensive Manhattan neighborhoods this quarter:

Lenox Hill tops off the list at an average of $1,170 per square foot. Carnegie Hill comes in second at $1,064. Upper West Side a close third, is at $811. Hell’s Kitchen listed at $706 per square foot, East Harlem at $640, East Village at $559, Harlem at $352 and Washington Heights rounds out this list at $322 per foot.

Harlem was the neighborhood with the highest volume of multifamily sales in the first quarter of 2019 again, with 15 total transactions. Both Lenox Hill and The East Village followed close behind, claiming 9-12 sales each. Bargain-seekers should consider looking in Hudson Heights & Inwood, as the average price per square foot was only $205 at the beginning of the year, despite growing interest and activity in the neighborhood.

You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.

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