Hello and welcome to our Manhattan luxury real estate blog. Halstead Property, LLC is one of the most visible and fastest growing residential real estate brokerage firms in New York. Headquartered at 770 Lexington Avenue, the firm has more than 600 sales and rental agents throughout eleven prime retail offices in New York City including six in Manhattan.

Manhattan Second Quarter Market Report

Jul 13, 2009 | 0 comments |

The second quarter numbers showed a continued decline in both price and number of units sold. The average apartment price of $1,263,471 was 24% below a year ago and 16% below first quarter 2009. Part of this decline can be attributed to last year’s high priced closings in the luxury buildings of 15 Central Park West and the Plaza. The total number of sales recorded was also down 53% over the same time last year.

There has been a shift from condo’s to co-op’s as the majority of closings. Although all apartment sizes and form of ownership saw a decrease, the high end and larger apartments realized a larger drop by comparison

  • 2 bedroom co-ops – 24%
  • 3 bedroom+ co-ops – 39%
  • Coops over $10 million – 82%

Closings in condominiums, whose drop in prices is reported at 18%, are still reflecting sales negotiated prior to the global financial crisis.

Visit Halstead.com to view the complete report.

Posted By: Sharon Michnay

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