NYC Multifamily Sale Prices Surge

NEW YORK CITY-Average and median home prices in all five boroughs rose steadily in the second quarter of 2007 with average apartment prices rising 8% citywide and average prices for one-to-three-family dwellings increasing 5%, according to the Real Estate Board of New York’s Second Quarter New York City Residential Report.

According to the report, the average sales price overall for cooperatives and condominiums in New York City was $831,000, compared to $769,000 during the second quarter of 2006. For one-to-three-family residences, the average sales price was $622,000 compared to last year’s average of $592,000.

The report notes that Manhattan had the highest average sales price for an apartment at $1.2 million, with Brooklyn second at $484,000. For one-to-three-family dwellings, Manhattan recorded the highest average price at $5.2 million, while Brooklyn registered the next highest average sales price at $671,000. Queens one-to-three-family dwellings followed with an average sales price of $588,000.