Corcoran Report Manhattan Q1 2013

A comprehensive analysis of the residential real estate market in Manhattan.

Battery Park City Beekman Carnegie Hill Central Park South Chelsea Flatiron Clinton East Harlem East Village Financial District Gramercy Greenwich Village Hamilton Heights Morningside Heights Harlem Inwood Chinatown Lower East Side Midtown East Midtown West Murray Hill Roosevelt Island SoHo/Nolita Sutton Area TriBeCa Upper East Side Upper West Side Washington Heights West Village The Corcoran Report Battery Park City Beekman Carnegie Hill Central Park South Chelsea Flatiron Clinton East Harlem East Village Financial District Gramercy Greenwich Village Hamilton Heights Manhattan Morningside Heights Harlem Inwood Chinatown Lower East Side Midtown East Midtown West Murray Hill Nolita Roosevelt Island SoHo Sutton TriBeCa Upper East Side Upper West Side Washington Heights West Village The Corcoran ReportBattery Park City Beekman Carnegie Hill Central Park South Chelsea Flatiron Clinton East Harlem East Village Financial District Gramercy Greenwich Village Hamilton Heights Manhattan Morningside Heights Harlem Inwood Chinatown Lower

1st Quarter 2013

www.corcoran.com/thecorcoranreport

The Corcoran Report1st Quarter 2013

Welcome to the Corcoran Report, our quarterly examination of Manhattan’s residential real estate market. This report uses market-wide data based on transactions that closed in the First Quarter 2013 (January 1 through March 31) and compares it to closings that took place last quarter and during the same quarter last year. Closings typically occur eight-to-twelve weeks after a contract is signed. For that reason, the closed sales activity discussed trails actual market conditions.

Manhattan transaction activity was solid in First Quarter 2013, increasing 1% from First Quarter 2012 to 2,826 closings. A 24% increase in the number of signed contracts from the same time last year illustrates this quarter’s exceptional sales momentum. In addition, the number of new contracts signed this quarter exceeded the quarterly average, making it the strongest First Quarter sales performance since 2007. New developments are a large driver of this surge in contract activity. For example 56 Leonard Street, the luxury new development tower in TriBeCa, is already 50% sold with over $450 million in signed contracts since its sales center opened in February. Demand for new development property is so strong that buyers are once again purchasing homes based on floor plans.

The market-wide trend of declining inventory continued this quarter with a 26% decrease compared to last year. This is the eighth consecutive quarter of year-over-year inventory decline; we are now 50% below the inventory peak of First Quarter 2009. Buyers are reacting to limited inventory by making immediate offers, participating frequently and aggressively in bidding wars, and evincing fervent demand for new development product.

Prices in First Quarter 2013 were mixed. Market-wide pricing was stable versus a year ago and declined slightly versus the Fourth Quarter 2012 due to sales activity that anticipated new tax implications. Resale co-ops grew to represent 60% of closings this quarter and this shift in property type also affected market-wide prices. Strong demand for new product drove a 37% year-over-year increase in new development median price and a 6% increase in average price per square foot. Resale condos also held their value with average price per square foot up 1% from last year and median price up 12%. The median price for resale co-ops fell 2% from last year, while average price per square foot increased 2%.

Continued steady demand is anticipated from local, national and international sources, putting 2013 on pace for a strong Spring selling season. If you have any questions regarding your future and specific needs, our agents are here to help you with expert market knowledge and exceptional service. Corcoran is the leader in our marketplace and we look forward to working with you.

For the most comprehensive analysis of the Manhattan, Brooklyn, East End and South Florida residential markets, visit the Reports page of our website at www.corcoran.com/thecorcoranreport.

Sincerely,

Pamela Liebman Chief Executive Officer

The following members of the The Corcoran Group made significant contributions to this report:Helen Howe I Douglas LaMere I Ryan Schleis I Joshua Sachs I Kirsten Spanjer

The following members of the PropertyShark team made significant contributions to this report:Matthew Haines I Calin Onet I Robert Raiz I Claudia Santa I Robert Sarb



Financial District and Battery Park CityStrong one and two bedroom sales drove stable price growth for Financial District and Battery Park City resale condos. New developments in Battery Park City dominated the submarket’s new development closings this quarter, causing prices to decline compared to First Quarter 2012. Page 15

West SideWest Side resale co-op prices increased compared to last year but were lower than Fourth Quarter 2012 due to the influx of high end sales at the end of 2012. Resale condo median price increased year-over-year by 20%. Limited new development supply on the West Side continues to put upward pressure on prices. Page 12

MidtownResale co-op median price was even from both First Quarter 2012 and Fourth Quarter 2012. Midtown resale condos experienced strong median and average price per square foot gains compared to First Quarter 2012. Limited availability for smaller residences caused significant year-over-year price jumps for the Midtown new development market. Page 13

Market TrendsPrice growth in First Quarter 2013 was not uniform. With limited inventory, the new development market performed well and resale condos experienced year-over-year price gains. Resale co-op median price decreased due to a shift towards smaller residences. This had a strong effect on market wide price metrics as resale co-ops comprised the majority of sales this quarter. Page 4

UptownUptown co-op median price was stable

compared to last year and average price per square foot was higher than

both last year and Fourth Quarter 2012. Resale condo median price

increased year-over-year by 48%. Uptown new developments continue to see price appreciation as average price per square foot increased 12%

from First Quarter 2012 and 8% from Fourth Quarter 2012. Page 16

East SideIncreased market share under

$500K drove resale co-op median price and average

price per square foot down this quarter. Resale condo

average price per square foot increased year-over-year by 4%. Increased market share

for one bedrooms caused East Side new development

prices to decrease from both First Quarter 2012 and Fourth

Quarter 2012. Page 11

DowntownStrong demand from entry

level buyers shifted co-op sales towards smaller residences this quarter, which caused a decline

in median price compared to last year. Scarcity of condo inventory

Downtown drove prices significantly higher. Downtown

new development median price increased 51% from First

Quarter 2012 and 16% from Fourth Quarter 2012. Page 14

Interactive map online at

propertyshark.com/maps

PropertyShark.com’s map of Manhattan plots sales in the First Quarter according to the number of sales and their respective prices per square foot.

Number of sales per building:

Above 20 Units 10 to 20 Units 3 to 9 Units 1 to 2 Units

Average price per square foot (SF):

Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available

View all our current market reports for the most comprehensive analysis of Manhattan, Brooklyn, Hamptons and South Florida at


The Corcoran Report Manhattan is based on data collected by The Corcoran Group from internal and external resources including the public records of the City of New York. The Corcoran Group is a licensed real estate broker owned and operated by NRT LLC. Equal Housing Opportunity. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice. All dimensions provided are approximate. To obtain exact dimensions, Corcoran advises you to hire a qualified architect or engineer.



2,000

2,500

3,000

3,500

0

500

1,000

1,500

4,000

4,500

5,000

5,500

Q1 ‘08 Q3 ‘08 Q4 ‘08 Q1 ‘09 Q2 ‘09 Q3 ‘09 Q4 ‘09 Q1 ‘10 Q2 ‘10 Q3 ‘10 Q4 ‘10 Q1 ‘11 Q2 ‘11 Q3 ‘11 Q4 ‘11 Q1 ‘12 Q2 ‘12 Q3 ‘12 Q4 ‘12 Q1 ‘13Q2 ‘08

237522502125

337532503125

287527502625

387537503625

487547504625

587557505625

437542504125

537552505125

AVERAGE

187517501625

*

Number of Closed Sales

Sales - Closings

Sales - Contracts Signed

Contract signed figures are derived from the number of listings reported as in contract during the quarter. Most of these contracts

will close eight to twelve weeks later, often in the following quarter. However, with the return of a new development pre-sale market,

contracts may close as many as three years after signing. A number of well received new developments launched for sales in First

Quarter 2013 and their strong sales performance helped propel contract activity to a 24% increase compared to First Quarter 2012.

Contract activity demonstrates the current strength of the market, with sales activity up 25% compared to Fourth Quarter 2012.

There were approximately 2,800 closed sales during First Quarter 2013, an increase of 1% from First Quarter 2012. Due to market

seasonality, first quarter closings are usually lower compared to the rest of the year. The 23% decrease in closed sales from the very

strong Fourth Quarter 2012 was exacerbated by the flurry of closings at year end.

Manhattan Market Wide

* Current quarter sales figures are estimated based on the number of sales as of report preparation plus the typical number of sales reported after publication.

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

Con

trac

ts S

igne

d

Condo Contracts Co-op Contracts Average


Downtown market share declined to represent 26% of closings

this quarter, down from 29% in First Quarter 2012. East Side

market share expanded to a quarter of all closings in First Quarter

2013, up from 21% in First Quarter 2012. Market share in other

neighborhoods was largely unchanged from First Quarter 2012.

A shift in property type market share had a strong effect on

pricing this quarter. Resale co-ops grew to represent 60% of

First Quarter 2013 sales. Many new developments launched for

pre sales in First Quarter 2013 but there were few closings. New

development market share decreased to 14% in First Quarter

2013, down from 20% in First Quarter 2012.

Neighborhood Sales Comparison

Q1 2012 Q1 2013 Q1 2012 Q1 2013

Property Type Sales Comparison

29%

10%

9%

26%

20%25%

15%

5%

5%

16%

21% 20%

29%

10%

9%

26%

20%25%

15%

5%

5%

16%

21% 20%

60%

14%26%

26%20%

54%


36%

20%

21%

12%

6% 5%

Downtown West Side East Side Midtown FD/BPC Uptown

Bedroom Type Sales Comparison

12%

39%31%

18%

Studio One Bedroom Two Bedroom Three+ Bedroom

Resale Condo Resale Co-op New Development


36%

20%

21%

12%

6% 5%

Downtown West Side East Side Midtown FD/BPC Uptown

Bedroom Type Sales Comparison

12%

39%31%

18%

Studio One Bedroom Two Bedroom Three+ Bedroom

Resale Condo Resale Co-op New Development

60%

14%26%

26%20%

54%

* Percentages may not total 100 due to rounding.

Closings at the top end of the market (over $5MM) declined this quarter to represent 2% of all closings, compared to 4% in both Fourth

Quarter 2012 and First Quarter 2012. The decrease was partly driven by tax policy uncertainty at the end of 2012, which compelled

many high end buyers to close before year-end. Furthermore, First Quarter 2013 also saw an increase in resale co-op sales. This increase

contributed to higher market share for the lower end of the market. Sales under $500K represented 25% of all closings compared to

23% in Fourth Quarter 2012 and 26% in First Quarter 2012.

Manhattan Market WideSales by Price Category

26% 36% 22% 7% 5% 4%

23% 37% 22% 9% 6% 4%

25% 36% 23% 8% 6% 2%

0% 20% 40% 60% 80% 100%

1Q12

4Q12

1Q13

Qua

rter

$0-$500K $500K-$1MM $1MM-$2MM $2MM-$3MM $3MM-$5MM $5MM+


Manhattan Market Wide

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13Total Listings 9,572 9,968 10,761 11,231 12,336 11,216 9,718 7,942 9,068 9,406 9,243 8,829 9,181 9,171 8,989 7,787 8,438 7,948 7,187 6,010 6,225New Listings 6,648 6,135 5,769 5,172 7,229 5,821 4,904 4,369 6,005 6,156 5,501 4,603 6,406 5,957 5,316 4,292 6,000 5,687 4,546 3,871 4,280Percent New Listing 69% 62% 54% 46% 59% 52% 50% 55% 66% 65% 60% 52% 70% 65% 59% 55% 71% 72% 63% 64% 69%

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Num

ber o

f Lis

tings

0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500

1Q13

4Q12

1Q12

Total Listings

0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500

1Q13

4Q12

1Q12

Total Listings

Co-op Inventory

Inventory - Total and New Listings

Condo Inventory

Co-op inventory increased

7% compared to Fourth

Quarter 2012. Despite this

uptick in new listings for the

Spring selling season, co-op

inventory is 27% lower than

First Quarter 2012.

Condo inventory only

increased 2% from last

quarter and still remains well

below 3,000 listings. Despite

several new development

openings, condo inventory is

26% lower than First Quarter

2012 and 59% lower than its

peak in First Quarter 2009.

Market wide inventory decreased 26% compared to First Quarter 2012. This is the eighth consecutive quarter of year-over-year

inventory decline. Available listings typically increase significantly from Fourth to First Quarter in anticipation of the strong Spring

season. However for the last three years, Manhattan has experienced muted inventory growth for the start of the new year. In 2010

inventory increased 14% from Fourth Quarter 2009 to First Quarter 2010 while this year inventory increased 4% over the same period.


Market wide average price per square foot was even with First Quarter 2012 and down 6% from the strong Fourth Quarter 2012. Low

mortgage rates and high rental rates continue to entice entry level buyer interest. This type of demand resulted in increased market

share for smaller apartments and resale co-ops which lowered prices this quarter. Median price was stable from First Quarter 2012 and

decreased 7% from Fourth Quarter 2012.

Manhattan Market WidePrices – Resale Co-ops, Resale Condos and New Developments

AverageSale Price

Median Price

Avg Priceper sf Studio 1 BR 2 BR 3+ BR

Median Price

Q1 2013

Change

Q1 2012

Q1 2013

Change

Q4 2012

1.258M 790K 1,040 370K 629K 1.210M 2.650M

1.258M 790K 1,040 370K 629K 1.210M 2.650M

-10% -1% -1% -7% -1% -4% -2%

1.579M 850K 1,107 379K 657K 1.340M 2.987M

1.404M 799K 1,047 399K 635K 1.260M 2.698M

ALL

SA

LES

-20% -7% -6% -2% -4% -10% -11%

Market Wide Historical Sale Price - Four Years

$700

$800

$900

$1,000

$1,100

$1,200

$1,300

$700,000

$750,000

$800,000

$850,000

$900,000

$950,000

$1,000,000

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13

Median Sale Price Average PPSF


Increased market share for studio and one bedroom co-ops

caused median price to decrease from both First Quarter

2012 and Fourth Quarter 2012. Average price per square foot

increased year-over-year by 2% but declined 5% from Fourth

Quarter 2012 due to the influx of high-end sales that closed at

the end of 2012.

Demand is strong for the limited condominium inventory available

in the market. Scarcity pushed resale condo median price 12%

higher than last year and 3% higher than Fourth Quarter 2012.

Resale condos experienced the same influence from high end

closings at the end of 2012, evidenced by a 4% decrease in

average price per square foot compared to Fourth Quarter 2012.

Resale Co-ops

Resale Condos

Resale Condo Historical Sale Price

Resale Co-op Historical Sale Price

Q1 2013

Change

Q1 2012

Q1 2013

Change

Q4 2012

CO

-OP

S

Average

Sale Price

Median

Price

Avg Price

per sf Studio 1 BR 2 BR 3+ BR

947K 630K 841 325K 535K 999K 1.937M

947K 630K 841 325K 535K 999M 1.937M

-16% -2% 2% -4% 1% 0% -12%

1.337M 660K 888 335K 550K 1.097M 2.645M

1.130M 640K 823 340K 530K 998K 2.200M

-29% -5% -5% -3% -3% -9% -27%

Q1 2013

Change

Q1 2012

Q1 2013

Change

Q4 2012

CO

ND

OS

Average

Sale Price

Median

Price

Avg Price

per sf Studio 1 BR 2 BR 3+ BR

1.654M 1.118M 1,242 540K 808K 1.635M 3.100M

1.654M 1.118M 1,242 540K 808K 1.635M 3.100M

-5% 12% 1% 17% 7% 9% 15%

1.898M 1.080M 1,294 510K 825K 1.635M 3.300M

1.733M 995K 1,232 462K 753K 1.500M 2.700M

-13% 3% -4% 6% -2% 0% -6%

$600

$700

$800

$900

$1,000

$550,000

$600,000

$650,000

$700,000

$750,000



$1,000

$1,100

$1,200

$1,300

$1,400

$700,000

$850,000

$1,000,000

$1,150,000

$1,300,000




Market share for new development has fallen due to limited inventory, though demand remains robust as witnessed by the significant

year-over-year price gains. New development median price increased 37% from First Quarter 2012. Increased market share for larger

new development residences contributed to this substantial year-over-year median growth. Average price per square foot was even

with last quarter and 6% higher than First Quarter 2012 at $1,260 per square foot.

New Developments

AverageSale Price

Median Price


Median Price

Q1 2013

Change

Q1 2012

Q1 2013

Change

Q4 2012

1.884M 1.312M 1,260 628K 795K 1.450M 3.411M

1.884M 1.312M 1,260 628K 795K 1.450M 3.411M

10% 37% 6% 12% -1% -5% 10%

1.862M 1.271M 1,259 575K 794K 1.515M 3.052M

1.706M 958K 1,193 559K 799K 1.530M 3.103M

MA

RK

ET

WID

E

1% 3% 0% 9% 0% -4% 12%

Historical New Development Sale Price

$1,050

$1,100

$1,150

$1,200

$1,250

$1,300

$1,350

$1,400

$1,450

$800,000

$900,000

$1,000,000

$1,100,000

$1,200,000

$1,300,000

$1,400,000

$1,500,000

$1,600,000



www.corcoransunshine.com


Luxury Market

AverageSale Price

Median Price

Avg Priceper sf

Q1 2013

Change

Q1 2012

Q1 2013

Change

Q4 2012

4.506M 3.650M 1,875

4.506M 3.650M 1,875

-23% -13% -9%

6.796M 4.709M 2,236

5.834M 4.200M 2,065

ALL

SA

LES

-34% -22% -16%

AverageSale Price

Median Price

Avg Priceper sf

Q1 2013

Change

Q1 2012

Q1 2013

Change

Q4 2012

5.885M 4.900M 1,988

5.885M 4.900M 1,988

-9% -9% -7%

5.994M 4.565M 1,989

6.447M 5.397M 2,127NEW

DEV

ELO

PM

ENTS

-2% 7% 0%

AverageSale Price

Median Price

Avg Priceper sf

Q1 2013

Change

Q1 2012

Q1 2013

Change

Q4 2012

4.170M 3.218M 1,681

4.170M 3.218M 1,681

-20% -14% -1%

7.306M 4,646M 2,081

5.217M 3.750M 1,692R

ESA

LE C

O-O

PS

-43% -31% -19%

AverageSale Price

Median Price

Avg Priceper sf

Q1 2013

Change

Q1 2012

Q1 2013

Change

Q4 2012

4.091M 3.300M 1,895

4.091M 3.300M 1,895

-33% -13% -16%

6.360M 4.750M 2,343

6.073M 3.800M 2,264

RES

ALE

CO

ND

OS

-36% -31% -19%

Average townhouse pricing can be highly variable each quarter due to the low number of transactions. West Side townhouses had a strong

First Quarter with price increases from both last quarter and First Quarter 2012. Average price increased 10% from last quarter and was up

16% year-over-year. East Side townhouse average price increased by 44% from First Quarter 2012 and was even with Fourth Quarter 2012.

The most expensive townhouse sale this quarter was on the East Side at 106 East 71st Street, which closed for $22.85 MM. Uptown median

price increased 53% and average price was up 23% from First Quarter 2012.

Townhouses

Average Price Median Average Price Median Average Price Median Average Price Median

East Side West Side Downtown Uptown

Q1 2013

Change

Q1 2012

Q1 2013

Change

Q4 2012

10.301M 6.488M 4.652M 3.895M 5.584M 4.500M 1.295M 1.293M

0% -23% 10% 2% -14% -20% -28% -1%

10.275M 8.375M 4.219M 3.834M 6.515M 5.650M 1.808M 1.300M

ALL

SA

LES

10.301M 6.488M 4.652M 3.895M 5.584M 4.500M 1.295M 1.293M

7.140M 6.313M 3.998M 3.450M 5.936M 4.500M 1.057M 848K

44% 3% 16% 13% -6% 0% 23% 53%

Manhattan’s luxury market is defined as the top 10% of all co-op and condo transactions. Average and median prices decreased in this

top segment of the market from both First Quarter 2012 and Fourth Quarter 2012. Closings over $15MM represented 2% of luxury sales in

First Quarter 2013 compared to 7% in Fourth Quarter 2012. This is partly attributable to the rush by high end buyers to close before the

end of year due to the national tax policy uncertainty. The record breaking $88 million sale at 15 Central Park West closed in First Quarter

2012 and influenced that quarter’s luxury price metrics. If we consider contract signed activity, sales over $3MM are dramatically higher

than this time last year. Many of the high end new developments currently in pre-sales are responsible for the significant increases at the

high end of the market. Furthermore, contract signed activity over $15MM has tripled versus First Quarter 2012.


East Side EAST 96TH STREET

5T

H A

VE

NU

E

FD

R D

RIV

E

Ro

ose

velt

Isl

and

East River

Ce

ntr

al P

ark

EAST 57TH STREET

Interactive map online at PropertyShark.com/maps



Average price per square foot (SF): Above $2,500 SF $2,000 - $2,500 SF $1,500 - $2,000 SF $1,250 - $1,500 SF $1,000 - $1,250 SF $750 - $1,000 SF $500 - $750 SF Below $500 SF No SF Available

East Side co-op median price decreased 12% from last quarter

and 17% from last year partly due to significant price reductions

in larger three plus bedroom co-ops. Smaller studio and one

bedroom co-ops represented over 50% of East Side closing this

quarter and two thirds of those sales were under $500K. This

increased market share drove median price and average price per

square foot down this quarter.

Median Price


Median Price

Q1 2013

Change

Q1 2012

Q1 2013

Change

Q4 2012

1.324M 1,406 N/A 1.160M 2.106M 4.000M

1.324M 1,406 N/A 1.160M 2.106M 4.000M

-42% -7% N/A 63% -4% 17%

-35% -5% N/A 9% -3% -1%

2.300M 1,516 590K 713K 2.18M 3.412M

2.023M 1,486 531K 1.065M 2.180M 4.050MNEW

DEV

ELO

PM

ENTS

Resale Co-ops

Resale Condos

New Developments

East Side resale condo market experienced mixed median pricing

results in First Quarter 2013. Median price increased 4% from

Fourth Quarter 2012 but decreased 3% from First Quarter 2012.

Resales at One Beacon Court helped drive average price per

square foot up 4% from First Quarter 2012.

Pricing for East Side new developments fell this quarter largely

due to a decrease in average apartment size. Median price

decreased year-over-year by 35% due to increased market

share for one bedrooms. One bedroom median price significantly

increased compared to Fourth Quarter 2012 and First Quarter

2012 but did not offset the absence of the high prices achieved

by larger two and three bedroom new developments. This shift

towards one bedrooms also affected average price per square foot

which decreased from both last quarter and last year.

Median Price


Median Price

Q1 2013

Change

Q1 2012

Q1 2013

Change

Q4 2012

726K 842 320K 498K 1.031M 2.345M

726K 842 320K 498K 1.031M 2.345M

-12% -9% 2% -5% -7% -36%

-17% -3% 3% 5% -12% -30%

828K 929 315K 523K 1.113M 3.684M

879K 869 310K 475K 1.170M 3.350M

CO

-OP

S

Median Price


Median Price

Q1 2013

Change

Q1 2012

Q1 2013

Change

Q4 2012

975K 1,231 446K 700K 1.400M 3.300M

975K 1,231 446K 700K 1.400M 3.300M

4% -3% -1% 1% -10% -6%

-3% 4% 1% 7% -1% 25%

940K 1,266 451K 690K 1.550M 3.500M

1.005M 1,189 440K 653K 1.413M 2.650M

CO

ND

OS

www.PropertyShark.com/maps



West Side

WE

ST

SID

E H

WY

CE

NT

RA

L P

AR

K W

ES

T

5TH

AV

E

CENTRAL PARK SOUTH

Hudson River

CentralPark

WEST 57TH STREET

WEST 110TH STREET





Resale Co-ops

Resale Condos

New Developments

West Side new developments had a very strong start to the 2013.

The West Side has incredibly limited new development inventory

and as a result there were fewer sales this quarter, but almost

all the closings were at the top end of the market. Median price

increased year-over-year by 47% and average price per square

was up 3% compared to First Quarter 2012. Median price increased

28% and average price per square foot increased 4% from Fourth

Quarter 2012.

Median Price


Median Price

Q1 2013

Change

Q1 2012

Q1 2013

Change

Q4 2012

3.319M 1,593 N/A 750K 2.393M 3.799M

3.318M 1,593 N/A 750K 2.393M 3.799M

28% 4% N/A -21% 17% 19%

47% 3% N/A -13% 17% 2%

2.598M 1,528 748K 950K 2.038M 3.188M

2.253M 1,553 766K 860K 2.048M 3.727MNEW

DEV

ELO

PM

ENTS

Median Price


Median Price

Q1 2013

Change

Q1 2012

Q1 2013

Change

Q4 2012

730K 912 352K 560K 1.125M 2.219M

730K 912 352K 560K 1.125M 2.219M

-11% -6% 10% -7% -6% 1%

4% 3% -2% 1% 6% 1%

823K 968 320K 605K 1.200M 2.200M

700K 883 360K 555K 1.057M 2.200M

CO

-OP

S

Median Price


Median Price

Q1 2013

Change

Q1 2012

Q1 2013

Change

Q4 2012

1.263M 1,369 580K 872K 1.570M 3.175M

1.263M 1,369 580K 872K 1.570M 3.175M

8% -9% 3% 1% -5% 2%

20% -12% 12% 8% -8% -5%

1.171M 1,511 565K 859K 1.650M 3.108M

1.050M 1,552 518K 806K 1.710M 3.350M

CO

ND

OS

The West Side is one the most inventory deprived submarkets in

the city. The little condominium inventory that does come on the

market sells for high prices, as evidenced by the 20% increase in

median price from First Quarter 2012 and the 8% increase from

Fourth Quarter 2012. Resale condos experienced the same high-

end rush to close as West Side co-ops, which exaggerated Fourth

Quarter 2012 average price per square foot.

West Side co-op median price increased 4% and average price per

square foot was up 3% compared to last year. The significant price

decreases compared to Fourth Quarter are a clear demonstration

of the rush by high end buyers to close before the end of the year,

leaving fewer transactions to occur in First Quarter 2013. There

were a number of sales over $10MM that closed in the final days of

December 2012, which inflated Fourth Quarter 2012 figures.




Midtown





Resale Co-ops Resale Condos

New Developments

There were far fewer Midtown new development closings this

quarter due to limited inventory. Prices increased significantly

from First Quarter 2012, but declined from Fourth Quarter 2012.

The remaining units in many of Midtown’s new developments are

larger residences, which caused median price to increase 73%

from last year. The limited availability for smaller residences

influenced closings in Fourth Quarter 2012 as well, and as a result,

First Quarter 2013 median price was 14% lower than last quarter.

Median Price


Median Price

Q1 2013

Change

Q1 2012

Q1 2013

Change

Q4 2012

2.093M 1,495 N/A 1.284M 2.323M 2.848M

2.093M 1,495 N/A 1.284M 2.323M 2.848M

-14% -4% N/A -11% -16% 8%

73% 14% N/A 15% 40% 15%

2.431M 1,559 666K 1.450M 2.760M 2.647M

1.213M 1,310 605K 1.120M 1.662M 2.469MNEW

DEV

ELO

PM

ENTS

Median Price


Median Price

Q1 2013

Change

Q1 2012

Q1 2013

Change

Q4 2012

525K 756 295K 490K 988K 1.775M

525K 756 295K 490K 988K 1.775M

0% 3% 1% -4% 1% 6%

0% 6% -7% 0% 3% 1%

527K 731 293K 509K 975K 1.668M

524K 713 318K 487K 958K 1.750M

CO

-OP

S

Median Price


Median Price

Q1 2013

Change

Q1 2012

Q1 2013

Change

Q4 2012

985K 1,191 519K 834K 1.181M 2.710M

985K 1,191 519K 833K 1.181M 2.710M

4% -2% 5% 0% -16% 14%

16% 4% 21% 11% -19% 23%

950K 1,212 495K 829K 1.413M 2.375M

850K 1,143 430K 750K 1.450M 2.200M

CO

ND

OS

Price growth for three plus bedroom resale condos in Midtown

contributed to a strong increase in median price. At $985K, resale

condo median price increased year-over-year by 16% and was

up 4% from Fourth Quarter 2012. Average price per square foot

increased 4% from First Quarter 2012 partly due to sales in a few of

Midtown’s prime towers with Central Park views.

Median price for Midtown co-ops was stable from both last

quarter and last year at $525K. While average and median price

remained even, average price per square foot saw solid gains as

the value of space appreciated. Average price per square foot

increased 6% from First Quarter 2012 and was 3% higher than

Fourth Quarter 2012.

EAST 57TH STREET

EAST 34TH STREET

WEST 57TH STREET

WEST 34TH STREET

FD

R D

RIV

E

WE

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SID

E H

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Downtown





Downtown co-op median priced decreased 3% from last year but

was 2% higher than Fourth Quarter 2012. Low mortgage rates and

record high rental rates Downtown continue to entice entry level

buyer interest. This type of demand shifted co-ops sales towards

smaller residences compared to First Quarter 2012. The value of

Downtown co-ops has appreciated over the last year, evidenced by

a 6% jump in average price per square foot.

Resale Co-ops

Resale Condos

New Developments

Downtown has one of the strongest supply-demand dynamics

in Manhattan. Under supply and strong demand pushed resale

condo prices higher in First Quarter 2013. Median price increased

by 22% from First Quarter 2012. Scarcity is driving the value of

these limited condominium listings up as evidenced by the 13%

year-over-year increase in price per square foot.

Downtown new development experienced a substantial jump in

median pricing from both last year and last quarter. Median price

increased 51% from First Quarter 2012 and 16% from Fourth

Quarter 2012. The majority of new developments opening for

sales in 2013 are located Downtown and the strong prices of

First Quarter 2013 are a good indicator for the strength of the

Downtown market.

Median Price


Median Price

Q1 2013

Change

Q1 2012

Q1 2013

Change

Q4 2012

1.650M 1,453 680K 1.050M 1.809M 4.281M

1.650M 1,453 680K 1.050M 1.808M 4.281M

16% 0% -5% 0% 8% 7%

51% 3% 21% 24% -2% -13%

1.425M 1,447 712K 1.055M 1.674M 4.000M

1.090M 1,404 562K 850K 1.844M 4.932MNEW

DEV

ELO

PM

ENTS

Median Price


Median Price

Q1 2013

Change

Q1 2012

Q1 2013

Change

Q4 2012

660K 960 413K 655K 1.188M 2.095M

660K 960 413K 655K 1.188M 2.095M

2% -1% 7% 4% -10% -22%

-3% 6% 12% -2% 4% 4%

649K 965 385K 630K 1.325M 2.700M

678K 903 370K 670K 1.138M 2.015M

CO

-OP

S

Median Price


Median Price

Q1 2013

Change

Q1 2012

Q1 2013

Change

Q4 2012

1.800M 1,424 335K 1.150M 2.025M 3.425M

1.800M 1,424 335K 1.150M 2.025M 3.425M

3% 2% -34% 20% -6% -24%

22% 13% -36% 33% 9% 7%

1.750M 1,392 510K 960K 2.150M 4.500M

1.475M 1,264 520K 868M 1.850M 3.200M

CO

ND

OS

FDR

DR

IVE

WE

ST

SID

E H

WY

Hudson River East River

34TH STREET

BARCLAY STREET

BROOKLYN BRIDGE




Financial District and Battery Park City

FDR

DR

IVE

WE

ST

ST

RE

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EastRiver

HudsonRiver

BARCLAY STREET

CHAMBERS STREETBROOKLYN BRIDGE

BR

OA

DW

AY





Resale Condos

Resale Co-ops

New Developments

The majority of new development sales over the past two quarters

have been in Battery Park City conversions, such as One Rector

Place and 225 Rector Place. Prices increased from Fourth Quarter

2012 as larger units closed in these projects. First Quarter 2013

median price and average price per square foot were lower than

First Quarter 2012 when closings at large tower developments,

such as the W Downtown and the Visionaire, dominated sales.

Median Price


Median Price

Q1 2013

Change

Q1 2011

Q1 2013

Change

Q4 2012

873K 1,085 578K 744K 1,413M 2.075M

873K 1,085 578K 744K 1.413M 2.075M

11% 7% 7% 3% 19% -5%

-7% -2% 5% -18% 12% 18%

787K 1,011 539K 725K 1,188M 2.180M

937K 1,102 552K 906K 1.261M 1.757MNEW

DEV

ELO

PM

ENTS

Median Price


Median Price

Q1 2013

Change

Q1 2012

Q1 2013

Change

Q4 2012

688K 876 414K 565K 1.323M 2.050M

688K 876 414K 565K 1.323M 2.050M

-15% -1% -20% -6% 32% 8%

3% 0% -10% 20% 24% -1%

811K 889 520K 600K 999K 1.900M

665K 873 462K 470K 1.068M 2.065MC

ON

DO

S

Financial District and Battery Park City resale condos experienced stable price growth from last year due to strong one- and two-

bedroom price performance. Median price increased 3% from First Quarter 2012 and average price per square foot was even at $876

per square foot. Closings at Riverhouse and the Ritz Carlton drove median price higher in Fourth Quarter 2012, and as a result, median

price was 15% lower than last quarter. This submarket still suffers from an over-supply of condominiums and therefore price growth has

been muted compared to other submarkets in the city.

There is very limited cooperative inventory in the Financial District

and Battery Park City, and as a result there was not a statistically

significant number of sales to draw any meaningful conclusions.




UptownH

AR

LEM R

IVER

DR

IVE

Harlem River

WEST 110TH STREET

EAST 96TH STREET

HE

NR

Y H

UD

SO

N P

KW

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CentralParkInteractive map online at

PropertyShark.com/maps




Median price for Uptown co-ops was even with First Quarter 2012 but 9% lower than Fourth Quarter 2012 largely due to a significant drop in pricing for three plus bedroom co-ops. Average price per square foot was strong this quarter, up by 4% from last year and 2% from Fourth Quarter 2012.

Median Price


Median Price

Q1 2013

Change

Q1 2012

Q1 2013

Change

Q4 2012

328K 439 190K 272K 405K 560K

328K 439 190K 272K 405K 560K

-9% 2% 10% -1% -6% -28%

0% 4% -11% -9% 7% 20%

360K 431 173K 275K 430K 777K

328K 422 215K 299K 378K 465K

CO

-OP

S

Resale Co-ops

Resale Condos

New Developments

Uptown new developments continue to be a strong market

segment with consistent price growth. Median price was even

from last quarter and 14% higher than First Quarter 2012. Average

price per square foot experienced significant appreciation from

both last quarter and last year, increasing by 8% and 12%,

respectively.

Median Price


Median Price

Q1 2013

Change

Q1 2012

Q1 2013

Change

Q4 2012

602K 746 N/A 499K 605K 1.840M

602K 746 N/A 499K 605K 1.840M

1% 8% N/A 8% 4% 45%

14% 12% N/A 16% -15% 67%

599K 693 N/A 460K 580K 1.266M

530K 664 400K 432K 716K 1.099MNEW

DEV

ELO

PM

ENTS

Median Price


Median Price

Q1 2013

Change

Q1 2012

Q1 2013

Change

Q4 2012

665K 608 N/A 440K 718K 935K

665K 608 N/A 440K 718K 935K

10% 10% N/A 0% 14% 15%

48% 0% N/A 45% 30% -6%

606K 551 213K 440K 630K 812K

449K 609 279K 304K 550K 995K

CO

ND

OS

Uptown resale condos continued the price growth from last quarter and experienced substantial gains from last year. At $665K, median price was up 48% from First Quarter 2012 and up 10% from Fourth Quarter 2012. Average price per square foot was even with First Quarter 2012 and 10% higher than Fourth Quarter 2012.



Corcoran Report Manhattan Q1 2013

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