The Upper West Side had the highest number of sponsor sales this past quarter, according to the M.N.S. report. Out of 301 total sales, 64 (or 21.3%) occured in the Upper West Side. The second-highest amount of sales occurred in Harlem, with 58 (19.3%) sales.

The Murray Hill area had the largest market upswing, according to M.N.S. The median sales price in Murray Hill increased 36% to $1.9 million, as the neighborhood's median price per square jumped by 35.5%. Earlier this month, we reported that Jones Lang LaSalle was selling a Murray Hill-based 9,124-square-foot apartment building for $10.25 million.

Meanwhile, Midtown West experienced the largest quarterly downswing, M.N.S. reported. The median price per square foot fell 28% to $2,425. Still, the median sales price in Midtown West grew nearly 72% from $1.9 million to $3.4 million.

M.N.S. reported 42% of sponsor unit sales were for one-bedroom units, 31% were two-bedroom residencies, while 26% were three-bedroom or larger dwellings and only 2% were studios.

Office Leasing is Also Sluggish

As Manhattan sales dip in residential units, downtown and Midtown Manhattan office leasing has also been sluggish. Last month, we reported that Midtown is on track for the largest quarterly supply of office inventory in five years. However, downtown and Midtown South did secure  office leasing agreements in 2019, but with COVID-19 emptying many Midtown offices, inventory is only growing as more people work from home.