New York CityResidential Market Report
First Quarter 2007
Luxury Leads the Way
Prices for luxury apartments continued to rise sharply in the first quarter, as the average price
for four-bedroom and larger apartments achieved just over $7.9 million, 20% higher than the
first quarter of 2006. The average price for all Manhattan apartments, including co-ops and
condos of all sizes, reached $1,218,064 and was 6% higher than the fourth quarter of 2006,
but down slightly from a year ago. The marginal decline of the average price of the past year
suggests a decrease in the average size of units sold, a fact substantiated by the 2% increase of
the average price per square foot during this time to $1,023.
The median price, which provides the most stable indicator of the market, reached a record
level in the first quarter of 2007. At $770,000, this figure was 4% higher than the first quarter
of 2006. Also of note during the first quarter was a 26% growth in the number of closed sales
compared to the previous year.
The co-op market remained strong, especially on the high end, as the average price of
$7,332,797 for four-bedroom and larger co-ops was 25% higher than a year ago. The average
price for all Manhattan co-ops was $1,078,786, down 7% from the same time a year ago, but
up 13% from the fourth quarter of 2006. The median co-op price of $630,000 declined 7%
from the first quarter of 2006.
The condo market was also led by larger apartments in the first quarter of 2007, as the average
price for four-bedroom and larger condos of $8,924,645 was 22% higher than a year ago.
Fueled by robust sales in new developments, the overall median price for condo sales reached a
new record high of $970,250, 21% higher than the first quarter of 2006. The overall average
price for all condo sales of $1,386,287 was unchanged from the first quarter of 2006.
Contrary to what has been reported on the national level, the Manhattan housing market has
reflected continued strength over the past few months. A 26% increase in sales from a year ago
demonstrates that buyers remain confident in our market, due in part to favorable economic
conditions in New York City. The concern over the rapid pace of development in Manhattan
seems to have abated, as new buildings are showing solid sales and prices. With interest rates
remaining low and inventory dipping from the inflated levels of last year, the outlook for our
market remains positive.
Transaction data for this market report is provided by ValuExchange, a proprietary database containing the largest known survey of the New York City residential market. This report is based on 2,657 reported Manhattan apartment sales.
GreGory J. Heym
Chief Economist, Brown Harris Stevens
Cover Property: BrownHarrisStevens.com WEB# 421454
Manhattan Cooperatives and Condominiums
First Quarter 2007 3
4Q06 1Q071Q06 2Q06 3Q06
$1,144,063 $760,000
4+ Bedroom 3-Bedroom 2-Bedroom 1-Bedroom Studio All
1st Q 07 $7,906,260 $2,850,769 $1,441,103 $716,740 $412,753 $1,218,064
4th Q 06 $6,260,402 $3,047,126 $1,434,236 $708,230 $410,383 $1,144,063
3rd Q 06 $5,379,113 $2,707,495 $1,354,930 $702,024 $412,147 $1,087,982
2nd Q 06 $5,573,921 $3,018,858 $1,530,959 $699,364 $408,146 $1,212,453
1st Q 06 $6,605,273 $3,142,949 $1,396,168 $678,226 $402,953 $1,258,420
Average Sale Price Median Sale Price
$1,400,000
$1,200,000
$1,000,000
$800,000
$600,000
$200,000
$400,000
4+ Bedroom 3-Bedroom 2-Bedroom 1-Bedroom Studio All
1st Q 07 $2,208 $1,325 $1,081 $940 $845 $1,023
4th Q 06 $1,581 $1,426 $1,114 $958 $921 $1,050
3rd Q 06 $1,587 $1,382 $1,057 $956 $925 $1,028
2nd Q 06 $1,462 $1,302 $1,078 $925 $861 $999
1st Q 06 $1,615 $1,337 $1,022 $904 $905 $1,000
4+ Bedroom 3-Bedroom 2-Bedroom 1-Bedroom Studio All
1st Q 07 $863,032 $441,814 $314,928 $221,144 $190,233 $276,296
4th Q 06 $659,867 $485,491 $320,429 $222,679 $192,439 $273,791
3rd Q 06 $587,851 $407,644 $300,381 $220,895 $198,305 $265,997
2nd Q 06 $604,113 $446,539 $323,942 $221,706 $190,315 $274,724
1st Q 06 $678,997 $460,246 $302,584 $216,228 $191,573 $275,053
$1,218,064 $770,000 $1,087,982 $733,900$1,212,453 $755,000$1,258,420 $740,000At $770,000, the median
price for Manhattan apartments reached a new
high in the first quarter. Larger apartments led
pricing gains, as the average price for four-
bedroom and larger apartments was 20%
higher than a year ago.
Average and Median Sale Price
Average Sale Price
Average Price Per Square Foot
Average Price Per Room
Manhattan Cooperative Apartments
$953,120 $599,000
4+ Bedroom 3-Bedroom 2-Bedroom 1-Bedroom Studio All
1st Q 07 $7,332,797 $3,037,988 $1,306,323 $604,824 $367,006 $1,078,786
4th Q 06 $6,178,656 $2,642,118 $1,236,601 $602,090 $362,748 $953,120
3rd Q 06 $4,821,935 $2,845,196 $1,249,900 $615,229 $360,053 $1,003,945
2nd Q 06 $5,875,424 $3,024,527 $1,562,758 $622,165 $361,176 $1,257,571
1st Q 06 $5,885,127 $3,098,147 $1,363,909 $622,519 $353,137 $1,159,130
$1,300,000
$1,100,000
$900,000
$700,000
$500,000
$100,000
$300,000
4+ Bedroom 3-Bedroom 2-Bedroom 1-Bedroom Studio All
1st Q 07 $716,460 $430,638 $270,271 $187,333 $168,900 $235,927
4th Q 06 $566,987 $384,593 $258,976 $186,275 $166,569 $221,145
3rd Q 06 $500,984 $388,644 $262,169 $188,373 $170,580 $227,810
2nd Q 06 $571,432 $409,255 $309,073 $196,954 $170,346 $257,862
1st Q 06 $534,765 $421,589 $282,292 $196,890 $168,055 $245,903
$1,078,786 $630,000 $1,003,945 $640,000$1,257,571 $707,500$1,159,130 $677,000The average price for four-bedroom and larger co-ops of $7,332,797 was 25%
higher than during the first quarter of 2006.
4Q06 1Q071Q06 2Q06 3Q06
4 First Quarter 2007
Average Sale Price Median Sale Price
Average and Median Sale Price
Average Sale Price
Average Price Per Room
Manhattan Condominium Apartments
Reaching $970,250, the median price for condo
sales during the first quarter set a new record
and was 21% higher than a year ago.
$1,320,356 $950,000
4+ Bedroom 3-Bedroom 2-Bedroom 1-Bedroom Studio All
1st Q 07 $8,924,645 $2,715,877 $1,570,812 $854,876 $491,751 $1,386,287
4th Q 06 $5,814,566 $3,204,207 $1,594,890 $837,887 $499,609 $1,320,356
3rd Q 06 $6,132,941 $2,586,133 $1,483,365 $797,779 $504,055 $1,196,931
2nd Q 06 $5,287,053 $3,025,415 $1,508,314 $766,910 $457,276 $1,171,972
1st Q 06 $7,300,586 $3,316,851 $1,429,517 $753,936 $472,466 $1,384,932
$1,500,000
$1,300,000
$1,100,000
$900,000
$700,000
$300,000
$500,000
4+ Bedroom 3-Bedroom 2-Bedroom 1-Bedroom Studio All
1st Q 07 $2,360 $1,360 $1,159 $1,040 $908 $1,118
4th Q 06 $1,657 $1,487 $1,186 $1,059 $1,017 $1,141
3rd Q 06 $1,661 $1,426 $1,131 $1,045 $997 $1,108
2nd Q 06 $1,614 $1,397 $1,136 $987 $918 $1,061
1st Q 06 $1,740 $1,509 $1,066 $993 $998 $1,088
$1,386,287 $970,250 $1,196,931 $855,000$1,171,972 $810,000$1,384,932 $800,000
2Q06 3Q06 4Q06 1Q071Q06
First Quarter 2007 5
Average Sale Price Median Sale Price
Average and Median Sale Price
Average Sale Price
Average Price Per Square Foot
Generally 59th to 96th Street, Fifth Avenue to the East River
4+Bedroom 3-Bedroom 2-Bedroom 1-Bedroom Studio
Percent of Sales
1st Q 06 7% 13% 32% 37% 11%
1st Q 07 4% 14% 29% 38% 14%
Average Price
1st Q 06 $7,043,778 $3,702,545 $1,639,523 $668,624 $367,730
1st Q 07 $8,875,796 $3,301,714 $1,481,823 $637,709 $383,297
% Change 26% -11% -10% -5% 4%
Although they accounted for fewer sales than a year ago, prices rose sharply for four-bedroom and larger
apartments on the East Side. Their average price of $8,875,796 was 26%
higher than a year ago.
$50,000
$250,000
$100,000
$150,000
$200,000
$300,000
$350,000
$0
$300
$900
$450
$600
$750
$1,050
$1,200
$150
1Q07Prewar Postwar 1Q06
$1,139 $363,055 $362,642 $1,196 $215,059 $221,934
Cooperative Condominium
east side
1Q06 1Q07
6 First Quarter 2007
Average Price Per Room Average Price Per Square Foot
Generally 59th to 110th Street, Hudson River to West of Fifth Avenue
3+Bedroom 2-Bedroom 1-Bedroom Studio
Percent of Sales
1st Q 06 16% 33% 40% 11%
1st Q 07 14% 33% 38% 14%
Average Price
1st Q 06 $3,553,204 $1,344,020 $688,718 $414,815
1st Q 07 $3,608,506 $1,349,780 $672,838 $389,936
% Change 2% 0% -2% -6%
Condo prices remained strong on the West Side,
as their average price per square foot of $1,216 was
9% higher than 2006’s first quarter.
$50,000
$250,000
$100,000
$150,000
$200,000
$300,000
$350,000
$0
$300
$900
$450
$600
$750
$1,050
$1,200
$150
1Q07Prewar Postwar 1Q06
$1,216 $268,825 $238,268 $1,111 $202,214 $214,234
West side
First Quarter 2007 7
Cooperative Condominium
1Q06 1Q07
Average Price Per Room Average Price Per Square Foot
midtoWn east Generally 34th to 58th Street, Fifth Avenue to the East River
Prices were generally lower in the Midtown East
market over the past year, led by a 10% decline in
the average price per square foot for condos.
midtoWn
$150,000
$0
$50,000
$100,000
$200,000
$250,000
$209,129 $173,126 $195,333 $195,398 $1,016 $1,127
1Q07Prewar Postwar 1Q06
$900
$300
$500
$700
$1,100
$1,300
$183,751 $155,686 $176,992 $175,511 $1,124 $979
1Q07Prewar Postwar 1Q06
At $1,124, the average price per square foot for condos in the Midtown West market was 15% higher than a year ago.
midtoWn West Generally 34th to 58th Street, Hudson River to West of Fifth Avenue
$150,000
$0
$50,000
$100,000
$200,000
$250,000
$900
$300
$500
$700
$1,100
$1,300
8 First Quarter 2007
Cooperative Condominium
Cooperative Condominium
1Q06 1Q07
1Q06 1Q07
Average Price Per Room Average Price Per Square Foot
Average Price Per Room Average Price Per Square Foot
All size categories in the Downtown market posted higher average prices than the first quarter of 2006,
led by a 13% gain forone-bedrooms.
1Q07Prewar Postwar 1Q06
$1,021 $233,998 $233,724 $1,017 $210,808 $202,448
$50,000
$250,000
$100,000
$150,000
$200,000
$300,000
$350,000
$0
$300
$900
$450
$600
$750
$1,050
$1,300
$150
Cooperative Condominium
First Quarter 2007 9
1Q06 1Q07
Average Price Per Room Average Price Per Square Foot
South of 34th Street
doWntoWn
3+Bedroom 2-Bedroom 1-Bedroom Studio
Percent of Sales
1st Q 06 9% 24% 52% 15%
1st Q 07 6% 28% 45% 21%
Average Price
1st Q 06 $2,389,484 $1,260,725 $676,649 $431,774
1st Q 07 $2,679,930 $1,378,591 $762,477 $463,387
% Change 12% 9% 13% 7%
At $1,129, the average price per square foot for
lofts sold last quarter was up 5% from a year ago.
Townhouse prices were up slightly from 2006’s
first quarter, reaching an average of $1,407 per
square foot.
4Q06 1Q071Q06 2Q06 3Q06
$700
$100
$300
$500
$900
$1,100
$1,100
$500
$700
$900
$1,300
$1,500
4Q06 1Q071Q06 2Q06 3Q06
$600
$300
$400
$500
$700
$800
4Q06 1Q071Q06 2Q06 3Q06
Apartment prices were higher than a year ago for all sizes of apartments in
Brooklyn Heights and Park Slope, led by a 7% gain for studios. The average townhouse price of $568
per square foot in these areas was down 9%
from a year ago.
Townhouses
$1,129 $1,077 $1,005 $1,048 $1,073 $1,407 $1,388 $1,266 $1,457 $1,511
$568 $623 $572 $709 $634
Manhattan Lofts Manhattan Townhouses
Brooklyn Heights and Park Slope
Average Price Per Square Foot Average Price Per Square Foot
Cooperatives and Condominiums
Average Price Per Square Foot
2-Bedroom 1-Bedroom Studio All
Average Price
1st Q 06 $689,168 $472,200 $306,545 $599,517
1st Q 07 $722,828 $474,786 $327,667 $608,944
% Change 5% 1% 7% 2%
10 First Quarter 2007
GreGory J. Heym is the Chief Economist for
Brown Harris Stevens and serves on the City’s
Economic Advisory Panel. He has covered
the residential real estate market for the past
twelve years, and was the author of the Real
Estate Board of New York’s cooperative and
condominium sales reports prior to joining
Brown Harris Stevens. Mr. Heym’s academic
background includes a B.S. in Economics from
Saint John’s University and an M.B.A. from
Hofstra University.
©2007 by Brown Harris Stevens. All Rights Reserved. This information may not be copied, used or distributed without Brown Harris Stevens’ consent. While information is believed true, no guaranty is made of accuracy.
212.906.9200
EAST SIDE655 Madison AvenueHall F. Willkie, PresidentRuth McCoyExecutive Vice President, Managing Director of Sales UPPER EAST SIDE1121 Madison AvenuePeter MarraExecutive Vice President, Managing Director of Sales WEST SIDE1926 BroadwayJim GricarExecutive Vice President, Managing Director of Sales DOWNTOWN2 Fifth Avenue43 North Moore at Hudson StreetKevin KovesciExecutive Vice President, Managing Director of Sales
BROOKLYN HEIGHTS129 Montague StreetChristopher ThomasExecutive Vice President, Managing Director of Sales
PARK SLOPE100 Seventh AvenueMaryAnn AlbanoExecutive Vice President, Managing Director of Sales
Everywhere you are.NEW YORK CITY • PALM BEACH • THE HAMPTONS • NORTH FORK