New York

New York Real Estate Prices Set Records, Even as Co-Ops Keep Cooling Off

Condo prices are at new highs in many boroughs, offsetting the slow decline in co-ops

If you're buying real estate in New York City, there is a very tiny sliver of hope -- co-op prices continue to fall slightly in Manhattan and Brooklyn.

But otherwise? Prepare to pay record prices to live in the city.

The Real Estate Board of New York released its first-quarter report on Monday, showing average co-op selling prices fell 2 percent from a year earlier to $711,000.

Average prices fell 4 percent in Manhattan and Brooklyn, were flat in the Bronx and rose 5 percent in Queens.  

It was at least the fifth quarter in a row the citywide average price of a co-op fell, and the second quarter in a row that prices fell in both Manhattan and Brooklyn. 

Real Estate Board of New York
Home sales remained strong across New York City in the first quarter, according to the Real Estate Board of New York, with record condo prices offsetting continued declines in co-op prices.

That's not to say the overall market has cooled by any means, though. The total monetary value of completed transactions in the first quarter actually rose 15 percent, to $12.3 billion. The number of sales rose 2 percent to just over 12,000. 

Condo sales drove the market, with record prices in Manhattan, Brooklyn and Queens. The average price of a condo in Manhattan topped $3 million in the first quarter, up 27 percent from a year earlier. 

See Inside: Upper East Side Mansion Among America's 20 Most Expensive Homes for Sale

Multifamily homes also sold well in the Bronx and Staten Island. 

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