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Manhattan's Apartment Market Stabilizes

NEW YORK CITY-Residential unit sales gained in volume during the last quarter of 2009, reflecting a national trend toward greater activity in the multifamily sector.

By Paul Bubny | Updated on January 05, 2010

NEW YORK CITY-As a gauge of the multifamily sector’s health, a trio of new reports on Manhattan apartment-unit sales offer some encouraging indicators and dovetail with a recent report on the island’s rental market and Real Capital Analytics data on apartment property transactions nationwide. The fourth-quarter 2009 Prudential Douglas Elliman Manhattan Market Overview shows volume up 10.9% over the prior quarter, while both Brown Harris Stevens Residential Sales and the Corcoran Group say Q4 closings showed a year-over-year gain. Inventory levels have also dropped, says the Douglas Elliman report, which is prepared by Miller Samuel.

“This quarter, there is reason to be hopeful that the significant devaluation we have tracked since the demise of Lehman Brothers is coming to an end,” writes Corcoran CEO Pamela Liebman in her firm’s report, prepared in partnership with PropertyShark.com. Although Q4 prices ebbed on both a year-over-year and quarter-over-quarter basis, “the rate of decline has slowed,” says Hall F. Willkie, president of Brown Harris Stevens, in a release.

The Douglas Elliman report says the average sales price for Manhattan apartments was $1,296,156, down 12.7% from $1,485,102 year over year and down 2.1% from $1,323,462 in Q3. The median sales price of $810,000 reflects a 10% year-over-year decline and a 4.7% quarterly drop from $850,000 in Q3; the declines were more pronounced for condominiums than for cooperatives.

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