NYT: Manhattan Apartment Sales Surge to Three-Decade High

One benefit to reading The Lanyard Team’s newsletter each month is the ‘heard it here first’ factor. In this case, the NYT echoes the sentiment of our most recent newsletter. More apartments were sold in Manhattan in the third quarter than at any other time in the last 32 years, in the latest sign that New York City real estate is set for a faster-than-expected recovery, according to new market reports.

There were 4,523 closed sales of co-ops and condos in Manhattan in the third quarter, exceeding the record set in the middle of 2007, when 3,939 sales were recorded. The quarter ended with more than three times as many sales as in the same period in 2020, when the market was largely locked down because of the coronavirus, and with 76.5 percent more sales than the same time in 2019, before the pandemic. This is largely a result of pent up demand.

Market UpdateJackson BloomstonOctober 6, 2021Manhattan, Apartments, Condo, Coop, Sales

Market Update - October 2021

We stand by our projections and the fall market is indeed proving to be both healthy and tightening. Signed contracts in the condo sphere are up an average of 285% from Sept of last year. In the 2-4M condo range alone that translated to a total of 139 signed contracts—-that is a significant number. The coop market continues to thrive, with consistent increases in the 1-4M pricepoints but a whopping 250% jump in the 4-5M range—400% in the 5-10M Range.

Jackson BloomstonOctober 1, 2021Condo, Coop, Contracts Signed, New Listings, Year Over Year, Month Over Month

Spotlight On: Long Island City

Long Island City is showing serious signs of life after the COVID-19 pandemic froze the nation’s fastest growing neighborhood over a year ago. LIC has seen one of the most dramatic growth spurts over the last decade, with condominium properties appreciating by over 60% since some of the first condos launched back in 2006. This is especially compelling since as recently as 20 years ago the area was very much a ghost town.

The Great Florida Migration: Fact of Fiction?

What does the great Florida migration mean for me, a New York condo/coop owner?

Contracts Signed Report - February 2021

In deconstructing the data from February’s sales activity, I am struck by a few compelling data points which show where the market is most healthy...see below

On the Ground Market Update - Oct 2020

The average price of apts which received signed contracts in October ‘20 was $1,170M for coops, $2,904M for condos

YOY, average price of coops went UP from October ‘19 by 4.7%, whereas average price of condos went UP 27.8%
Average discount in October was 10.3% from original price for coops, 11.9% for condos, both increased by over 30% from October ‘19

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