The Real Estate Board of New York’s report for the fourth quarter of 2017 showed a dip in the residential sales market across Manhattan. That tend did not hold true on the Lower East Side.
Most of the final 2017 market reports showed a price slump, and fewer sales overall. The average price of all homes in Manhattan dipped 7% in the fourth quarter vs. the same period a year ago. The average was still a whopping $1.8 million for condos and cooperatives.
As we have noted in the past couple of years, the Lower East Side is seeing some pretty dramatic price increases. This is because there were historically very few condos in the neighborhood. Now there’s a luxury apartment building boom, meaning quite a few units are entering the market at the same time (take Essex Crossing’s 242 Broome — pictured above — as a prime example).
According to REBNY, the average price of a condo on the LES in the fourth quarter was $1.7 million, up 25% from the same period in 2016. The average price per square foot was $1658.
Co-ops averaged $798,000 in the fourth quarter, up about 5% from the previous year. But the price per square foot ($881) was off 18% from the fourth quarter 2016.
You can read the full report here.
