NEW YORK CITY-CityRealty.com has created a new bi-monthly report that tracks the CityRealty 100 Index, which compiles historical sales and current listing data for the top 100 condominium buildings in Manhattan. The launch of the research, called the CityRealty 100 Report, follows the debut of several other reports by the listings site due to interest in New York investment that is coming from a new client base, according to Pete Culliney, director of research and analytics.
“We started dealing with a more well-heeled clientele, especially foreign investors looking for a pied-a-terre or some other type of second home,” he tells GlobeSt.com. “As they were shopping online and trying to figure out their purchase, they came across us and realized we have a lot of material. So we added a focus to provide market information that wasn't there previously.”
Previously in charge of research at Real Capital Analytics, Deloitte and Marsh, Culliney just joined CityRealty.com in April to spearhead this effort—which has been in the works for about a year and up and running for approximately six months—he says. CityRealty hopes to shed some light on what can be a confusing market, especially for investors that are buying from afar.
“We can provide market information by sales, by building and other metrics, and we've been posting videos and using Google earth imagery to give people tours of the area,” Culliney says. “We're hoping to create a toolbox for buyers who maybe don't have a lot of time or are coming from overseas.”
“Most reports are average-centric,” he continues, “and we're dealing with non-average buyers and non-average market. The average price of a New York City apartment is slightly over a million. That's the average, and yet we're talking to buyers who want properties worth $5-10 million.”
The latest data addresses the period that ended on June 30. Among the highlights of the research, within the CityRealty 100, 147 apartments were sold during May and June 2013 with an average price per square foot of $1,901. This represents an annual price decline of -0.7% from the same period 12-months ago. “Activity is down a bit,” Culliney says, “there's a dearth of active listings. Sellers who go out with a good price trade quickly but for those with inflated expectations, it takes longer.”
The most expensive index sale during May and June 2013 was a five bedroom, 4,489 square foot apartment at Trump International that sold for $21.9 million, according to the report. Nearby, the most expensive building on a per-square-foot basis in the same time period was 15 Central Park West, with an average price per foot of $5,203.
“All of the property on that Southwest corner of Central Park, with Trump international, the Time Warner Center—and with so many buildings around the corner, like 15 Central Park West—trades phenomenally high, at like three-times the average Upper West Side price. The buildings are super-amenitied.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
