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Manhattan’s iconic skyline is home to millions 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 $877 Million: A shocking 22% percent decrease over last year’s Q2 sales volume. Square-footage pricing actually increased. Going up 12% from 2017, to an average of $653.
Average selling prices in Manhattan have decreased, up 25% percent from last year’s records and coming in at $580,000 across the island. While total transactions have decreased by 10% percent, with just 102 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 2nd Quarter’s top sale is located in the Manhattan Valley, where 2568-2574 Broadway sold for a striking $66,000,000. The acquisition belongs to a Dalan and Elion Partners joint purchase. A 67-unit apartment building at the corner of West 97th Street in the Upper West Side. Though, at just $829 per square foot or $985,074 per door, that sale is far below the average square footage of the top ten most expensive Manhattan neighborhoods this quarter:
Chelsea tops off the list at an average of $1,260 per square foot. Yorkville comes in second at $1,180. Lenox Hill a close third, is at $1,045. The East Village listed at $840 per square foot, Upper West Side at $762, Harlem at $346 and Washington Heights rounds out this list at $284 per foot.
Harlem was the neighborhood with the highest volume of multifamily sales in Q2 2018 again, with 30 total transactions. Both the East Village and Upper West Side followed close behind, claiming 11-13 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.
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