March 9, 2006
Manhattan condos up 20 pct in 2005, report says
NEW YORK (Reuters) - Median prices for condominiums in
Manhattan rose 20 percent to $770,000 in 2005, while
cooperatives rose only 6 percent to $649,000, according to
reports on Thursday by the Real Estate Board of New York
downtown area south of 42nd Street had the highest price for
condos at $849,000, a 27 percent increase from 2004.
Northern Manhattan condos saw the highest percentage
increase, climbing 46 percent to a median of $364,609.
Co-ops on the West Side rose 19 percent to a median of
$722,000. For the first time, the average sales price in this
neighborhood climbed above $1 million to $1,087,950.
The median price per square foot for Manhattan condos rose
25 percent to $951.
"The downtown market, which hit a 10-year high in 2004,
continues to flourish, and price increases in all neighborhoods
demonstrate the continued desire to live in New York," REBNY
President Steven Spinola said in a statement.