
Manhattan’s For-Sale Apartment Market Bounces Back
The rebound of Manhattan’s residential sector continued in the second quarter, with contract activity on new-development, for-sale apartments up 64% by unit count over Q1, Brown Harris Stevens Development Marketing (BHSDM) reported. Total sales volume for the quarter reached $2.46 billion, up from Q1’s $1.53 billion.
Q’2s tally of units under contract averages out to 163 units per month absorbed. That’s significantly higher than in any of the past five years, according to BHSDM.
“This quarter demonstrated just how resilient New York is,” said Stephen Kliegerman, BHSDM president. “Buyers recognize that New York is the most resilient and vibrant city in the world. It has historically rebounded extremely well coming out of a significant event, and New York real estate is a limited commodity that over time performs very well. We have every reason to believe this trend will continue this year.”
Pictured: 53 W. 53rd St.
- ◦Sale/Acquisition
- ◦Economy