According to CityRealty’s year-end Manhattan market report, condo prices rose more on the Lower East Side in 2017 than in any other neighborhood.
The survey shows there have been 64 condominium apartments sold on the LES during the past 11 months. Prices shot up 27% from the previous year. The findings are not all that surprising in a neighborhood with a lot of condo construction. But it’s worth noting that sales activity is still meager on the Lower East Side compared with other Manhattan communities. In Tribeca, 439 condos were sold this year, In the Financial District, 413 condo units went into contract. Even in the East Village, 98 condos changed hands.
CityRealty attributes the price spike on the Lower East Side largely to sales at 50 Clinton St., a 37-unit complex being built by DHA Capital. According to StreetEasy, sale prices at 50 Clinton range from just over $1 million for a studio to $2.4 million for a 2-bedroom/2-bath unit.
Most of the priciest apartments detailed in the CityRealty report are uptown, but one Lower East Side building did make the cut. Three apartments at Ian Schrager’s 215 Chrystie St. were sold in the past year for an average of $3569/square foot. The Lower East Side average for condos is $1967/square foot.
You can read the full report here.
