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Average Cost of a Manhattan Apartment: $1 Million
By
Jen Chung
Published Apr 15, 2004
Modified Mar 6, 2008
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By
Jen Chung
Published Apr 15, 2004
Modified Mar 6, 2008
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If you want to own a place in New York City, to paraphrase Dave Chappelle, you've gotta be rich, bitch! Douglas Elliman and Corcoran release sale figures for the first three quarters, confirming that the market is hotter than ever. An apartment in Manhattan averages at $1million (a 32% increase, up from $760,000 during the same time last year), with the median being $625,000, which is up 21% over the same period last year. The Times says the data is skewed by high-priced sales of more people buying blinging apartments than ever and starting bidding wars since there's "no supply" to meet the demand. Oh, boo-hoo, to people who can only spend $1 million instead of $1.8 million. Suck it up! Or rent, like the rest of us heathens. Another factor in the buying frenzy, besides low interest rates: Wall Street bonus money.
The Daily News looks at the apartment price increases in the other boroughs:
- Brooklyn, +18%
- Queens, +10% (apartments and single family homes)
- Staten Island, 14% (apartments and single family homes)
- Bronx, +10-20% in the East Bronx and +10% in Riverdale
Gothamist on Elliman's recent 10-year NYC real estate trend report.
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Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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