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
(REBNY).REBNY's Cooperative and Condominium Reports said the
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.