Monday, December 3, 2007

Condo Market Update: Upper East Side

Area: Upper East Side
Median New Condo $/psf: $1,494.
Median New Condo Price: $1,900,000.
Price Ranges:
Studio: $495k-$735k
1 Bedroom: $620k-$1.4Mil.
2 Bedroom: $835k-$3.4Mil.
3 Bedroom: $1.62 Mil.- $5.2Mil.
4 Bedroom: $2.75Mil.-$13.7Mil.
5 Bedroom: $4.24Mil.-$17.9Mil.
Condo prices on the Upper East Side have remained stable, while high end new releases have come into the market and sold very well. A great example is 255 East 74th Street. With 2 bedrooms starting at $2.25 Mil and 3 beds starting close to $3.5 Mil., the building has been selling like hotcakes. So much so that the building was better than 50% sold out before they spent $1 on marketing- talk about well received! They are not alone, The Lucida, with average prices above $1700psf is already 85%+ sold. The Brompton, the Robert A.M. Stern project which is more reasonably priced and opened later is around 60% sold. While pricey new condos may scare off potential buyers of moderate means, there are still some relatively reasonable new condos and new condo conversions with prices that are a bit more palatable. If you are looking for a studio or 1 bedroom and don't mind going a bit East in the 80's and 90's there are numerous options below $750k. If it is a family sized apartment that you need, there are a handful of options available for less than $2 Million in the 70's and 80's. The king of amenities, Miraval Living, has some units as low $1.8, and if it's the ever coveted PS 6 school district that is of utmost importance, at last check, The New Yorker Condominium had a 3 bedroom left for just under $2 Million.
In synopsis, the Upper East Side market has held very strong, while the appetite for higher and higher priced apartments is quite healthy.
Our full investment guide on Upper East Side condos is available upon request via email.

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