(Read more on the multifamily market.)
NEW YORK CITY-According to a recent report from locally based Brown Harris Stevens, the average price of Manhattan Apartments set a new record of $1.3 million in the third quarter. Based on 3,677 reported apartment sales, the figure reflected a 26% increase from the same period a year ago, and coincided with a new record median price of $815,000, a 12% increase from 2006. Most notable were gains in the four-bedroom-and-larger category, which saw a 19% increase from the same time last year to $6.6 million.
The report, prepared by chief economist Gregory Heym, noted that the market for luxury properties remained strong as exemplified by the doubling of the number of sold apartments priced above $10 million, when compared to the same period a year ago. The limited inventory of high-end properties and the increase in new development prices were important factors in this sharp rise.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
