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Luxury Condo Sale Avg. Hits $942 per SF

NEW YORK CITY-In his eponymous Q2 report, Donald Trump attributes the 11% sale price increase this year to a diverse investor pool and a 32-year mortgage rate low prompting buyers to place their assets in the condo market. The average price per sf for one- to three-bedroom luxury apartments in Manhattan hit $942, up 3% from Q1.

By Michael Gilliard | Updated on August 09, 2002

NEW YORK CITY-The Q2 Donald J. Trump Report, an analysis of one- to three-bedroom luxury condos located between 42nd and 86th streets, shows an average sale price increase of 3%, to $942 per sf. The value has climbed 11% this year alone, growth Trump attributes to broad buyer demographics and low mortgage rates, which currently sit at a 32-year low.

“Historically the real estate market has reacted negatively to downturns in the stock market,” says Trump, chairman, president and CEO of the Trump Organization. “Such was the case in the early 1990s, but this time around the circumstances are quite different.” Trump says institutional-wary buyers “feel more confident placing their capital in Manhattan real estate rather than with investment banks.”

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