The Manhattan residential sales market has tightened up, yet there are still opportunities to be found, especially downtown. According to Prudential Douglas Elliman's 2011 1st Quarter report, the number of apartments listed are now at their lowest level since 2007, falling 5.3% from the year-earlier period, to 7,605. According to the report, it will now take 9.5 months to absorb all of the inventory.
Meanwhile, the average sales price for a Manhattan apartment is currently at $1,331,306, which is down 10.2% from the last quarter and 6.7% from a year ago. However, the $1,025/SF average is only down 3.2% and 1.3% for the same two periods, signaling that smaller apartments are now trading more rapidly. Condos always trade at a premium to co-ops; their 1Q11 average is $1,216/SF compared to the co-op's $896.
That being said, there are still large pricing discrepancies for apartments throughout Manhattan. Downtown still offers the most value. Our office just closed on a 28th floor apartment at The Phillipe Starck designed 15 Broad Street for $1,200,000 or $808/SF. The apartment benefited from low common charges of under $1/SF and a 421G Tax Abatement which resulted in monthly taxes of only $356.
We currently have apartment #1912 on the market in the same building. It is a 1,809-SF apartment which is currently configured as an enormous 1-bedroom with 2 baths, but it could be easily converted to a large 2-bedroom. The asking price is $1,500,000 which is only $829/SF, which is 32% less than the Manhattan condo average.
15 Broad Street was the first luxury residential condo conversion on Wall Street. The 40-story landmark building offers 382 innovative apartments and 160 different floor plans. Amenities include a large rooftop complete with a reflecting pool and lounge area, indoor lap pool, yoga center, bowling alley, screening room designed by Theo Kalomirakis, children's playroom, and much more. High floor apartments feature great light, southern facing apartments have river views, and northern facing apartments feature incredible Gotham architecture.
The residences feature an average of 11-foot ceilings with large, new windows. The floors are 4-inch maple hardwood and the kitchens are finished with high-end Bosch gas cooktops and convection ovens. Every apartment has a large Jenn-Air stainless steel refrigerator, specially-designed Hansgrohe faucet by Starck, and stainless steel sink with a garbage disposal. The kitchens also feature Starck designed lighting. The baths are finished in 16-inch honed Thassos marble and feature a Duravit soaking tub and Hansgrohe shower fixtures, special white vessel sinks, and a Thassos marble countertop. All apartments have a Bosch washer and dryer.
If this all seems too good to be true, I must add the disclaimer that there are 198 doorman recently converted or new $1m condos on the market south of Canal Street. 15 Broad Street, #1912 is 189th on the list when sorted by $/SF, with the cheaper apartments mostly being in Battery Park City, where ground leases drive up the monthly maintenance.
Finally, there are 25 $1m condos on the market at 15 Broad Street; that being said, unit #1912 is the cheapest of these units on a $/SF basis. As much as it makes me sound like a used car salesman, I'd love to say “buy it while you still can!”