A new report illustrates what we already knew: New York’s residential real estate market went bonkers last year. The Real Estate Board of New York is out with its fourth quarter sales recap. Although not as many apartments were sold, average prices citywide shot up 11% over the same period in 2013. The increase was largely driven by over-the-top luxury projects uptown. What’s the story on the Lower East Side? Have a look.
- The average apartment price in this neighborhood was $852,000 in Q4, down 19% from the same period a year ago. That’s second lowest for any neighborhood in Manhattan south of 96th Street other than Murray Hill. The average price in the East Village was $1,136,000. The average price citywide (all five boroughs) was $841,000.
- The average price of a condo on the Lower East Side was $1,299,000, down about 7% from the same period in 2013. Ciywide, the average was $1,550,000.
- The average price for a cooperative on the LES was $641,000, down 19% from Q4 2013. Citywide, coops averaged $680,000.
A check of StreetEasy shows the most expensive apartment sold on the Lower East Side last year was the penthouse at 18 Orchard St. As 6sqft reported back in September, video game developer Zach Gage picked up the 2800 sq. ft. unit with a very cool watchtower for $3.9 million.
That’s pennies, of course, compared with the most expensive apartment sold in the city last year, a $71 million showpiece on Park Avenue. But it’s a foregone conclusion that prices are going to rise dramatically on the Lower East Side in the next year or two. At 215 Chrystie St., Ian Schrager’s luxe project, one penthouse unit is currently listed for nearly $19 million. A couple of other apartments in the building are listed for around $7 million.