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
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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.
Evan Joseph
Evan Joseph
The sophisticated six-story limestone mansion at 8 East 62nd Street was originally built in 1903 by John H. Duncan, the world-renowned architect of Grant's Tomb, in Beaux-Arts Style. See the full listing with Modlin Group here.
Evan Joseph
The current owners brought in William T. Georgis, known for his glamorous architecture and design, to restore its splendor. The impressive grand entrance features a carved mantel over a wood-burning fireplace, along with original malachite and mosaic floors. See the full listing with Modlin Group here.
Evan Joseph
Carrara marble countertops and backsplashes adorn the kitchen, which also features a breakfast room and fireplace. See the full listing with Modlin Group here.
Evan Joseph
The third floor has a magnificent master library with custom paneling and other one-of-a-kind features. There's also a study on the first floor with access to an outdoor garden. See the full listing with Modlin Group here.
Evan Joseph
The marble staircase is mind-blowing in its grandeur, leading you up to formal living and dining rooms with 17-foot tall ceilings. See the full listing with Modlin Group here.
Evan Joseph
"Her" dressing room is a three-room suite with custom cabinetry, a lighted handbag display and a temperature-controlled vault for furs, among other features. See the full listing with Modlin Group here.
Evan Joseph
Her boudoir features a Waterworks tub, gas fireplace, heated floors and steam-resistant mirrors. There's also a cosmetics refrigerator. See the full listing with Modlin Group here.
Evan Joseph
Bathe in this relaxation-inducing tub. See the full listing with Modlin Group here.
Evan Joseph
The luxurious property features a full wet bar and billiard room, the walls of which are upholstered with custom leather. See the full listing with Modlin Group here.
Evan Joseph
There's a master suite and several other bedrooms in the home. See the full listing with Modlin Group here.
Evan Joseph
There are two additional bedrooms on the floor. See the full listing with Modlin Group here.
Evan Joseph
The mansion comes with a rooftop terrace (not pictured here) with elevator entry and a full outdoor kitchen replete with a built-in grill. There's also a stunning view of Central Park. See the full listing with Modlin Group here.
Evan Joseph
Enjoy unobstructed views of gardens from the dining room, which spans an entire bvlock to the Pierre Hotel. See the full listing with Modlin Group here.
Evan Joseph
The man's quarters, replete with a full bath and dressing room, have the feel of an old gentleman's club. See the full listing with Modlin Group here.
Evan Joseph
See the full listing with Modlin Group here.
Evan Joseph
See the full listing with Modlin Group here.
Evan Joseph
The lower level spa offers a sauna, cold plunge pool, gym and massage room, among other amenities. See the full listing with Modlin Group here.
Evan Joseph
Take a dip in the personal spa. See the full listing with Modlin Group here.
Evan Joseph
See the full listing with Modlin Group here.
Multifamily homes also sold well in the Bronx and Staten Island.
