53W53 and the Midtown's Central Park skyline (Credit: DBOX via Hines)
Over the last several months, COVID-19 has posed unprecedented challenges for the New York City residential real estate market. The industry has done its best to adjust from virtual showings and closings to delaying the marketing of units and developments until some of the uncertainty passes.
Even so, during the dates of March 1 through August 31, 2020, 1,592 condo sales were recorded in Manhattan amounting to $4.476B of transactions during the 25-week period. While the figure is roughly half the 3,063 ($9.049B) in deals during the same period in 2019, the numbers show the Manhattan market was still kicking even when face-to-face contact was largely limited.
The average price of a condo sold during the aforementioned 25-week period was $2.81M or $1,739 per square foot. This is down from 2019 figures from the same period where condos sold $2.954M on average ($1,870/ft2).
A bulk of sales came in from new developments. Therefore many contract-signings were inked well before COVID-19. Even so, despite the uncertainty, approximately 1,600 buyers finalized their transactions, showing many remain confident in the future of the city, the long-term value of their purchase, or just simply didn't want to pay the penalty from reneging on the deal. As for the missing 50% of the market, we can only speculate they're waiting on the sidelines for the market to stabilize and hopefully have not permanently decamped to Florida.
Even so, during the dates of March 1 through August 31, 2020, 1,592 condo sales were recorded in Manhattan amounting to $4.476B of transactions during the 25-week period. While the figure is roughly half the 3,063 ($9.049B) in deals during the same period in 2019, the numbers show the Manhattan market was still kicking even when face-to-face contact was largely limited.
The average price of a condo sold during the aforementioned 25-week period was $2.81M or $1,739 per square foot. This is down from 2019 figures from the same period where condos sold $2.954M on average ($1,870/ft2).
A bulk of sales came in from new developments. Therefore many contract-signings were inked well before COVID-19. Even so, despite the uncertainty, approximately 1,600 buyers finalized their transactions, showing many remain confident in the future of the city, the long-term value of their purchase, or just simply didn't want to pay the penalty from reneging on the deal. As for the missing 50% of the market, we can only speculate they're waiting on the sidelines for the market to stabilize and hopefully have not permanently decamped to Florida.
In this article:
220 Central Park South via Vornado Realty Trust
Rendering via Noe & Associates with The Boundary
The Park Loggia via The Corcoran Group
One Waterline Square via Noe & Associates with The Boundary
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One57 via Extell
53W53 via The Corcoran Group
Residences at the Mandarin Oriental via Ostrov Realty
Fifteen Hudson Yards via Related Companies
180 East 88th Street via DDG
One West End via Cantor Pecorella
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
Would you like to tour any of these properties?
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