Friday, March 9, 2007
the uptown download: west
the uptown west report (338 kb .pdf)
upper west side: I had the recent pleasure of introducing one of its newest shareholders to this co-op building at 320 West End Avenue. It was designed by Rosario Candela, the Sicilian born immigrant, who's work defines the luxury of a by-gone era, still much sought after today by some of New York's wealthiest residents in the pre-war apartment buildings of Park Avenue, Fifth Avenue and West End Avenue. His work includes the famous 720 Park Avenue, The Stanhope Hotel, and 41 Fifth Avenue downtown, among many others in his prolific career. It is no surprise that our report for the Upper West Side, with many Candela and other classic buildings, saw appreciation in these highly sought after co-ops of +14% in 2006. The largest apartments in the luxury, three bedroom and larger category, increased by 23% on average.
Condominiums, which comprise a smaller portion of Upper West housing stock, saw +6% growth in price per square foot with an increase of 13% in median price, the price most people pay for a given sized apartment. One, two and three bedroom properties did well with 10% or better increases on average last year.
midtown west: A little further south the new millennium is making its mark on the NYC landscape with some of the densest development activity of new residential construction in Manhattan. Consequently, the rise in new condo inventory translated to a -3% decline in average price, but an increase of +15% in median, indicating the sale of smaller sized, but amenity rich, luxurious new apartments. Indeed studios and one bedrooms led the way, while larger units did not sell as well. Co-ops increased across the board with average sale price, and price per square foot increasing by 11%. This swath of town from 34th Street to 57th Street, west of Fifth Avenue, overlooked for many years, is now coming into it's own. Already woven into the fabric and legend of New York, it will only get better with time as people rediscover its many advantages like its proximity to the restaurants, entertainment and excitement of the revitalized Times Square, Broadway Theaters, and Midtown business districts.
download the uptown west report (338 kb .pdf)
other recent reports:
the downtown report (324 kb .pdf)
the uptown east report (338 kb .pdf)
the brooklyn report (532 kb .pdf)
the corcoran report: forth quarter 2006 (1.1 mb .pdf)
the corcoran report: third quarter 2006 (3.9 mb .pdf)