Apartment closings in Manhattan jumped above pre-COVID-19 levels in some cases in the second quarter, according to Brown Harris Steven.
Overall, the 3,944 sales reported last quarter were more than double that of a year ago, according to the Brown Harris Steven's Second Quarter 2021 Residential Market Report. They were also 38% higher than 2021's first quarter.
While the jump in closings covered all price categories, resale apartments priced over $5 million recovered especially well. Brown Harris Steven CEO Bess Freedman says increasing discounts brought buyers back into this market. Closings were more than double compared to a year ago and jumped 85% from 2021's first quarter. In one property, 220 Central Park South, there were four resale closings with an average price of $53.4 million.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
