Apartment Buildings Sales Decline

Manhattan apartment building sales decline 39.2 percent.

By: Larry Dunn

PropertyShark announced 132 Manhattan apartment buildings sold third quarter, representing an annual decline of 36.2 percent. While the second quarter recorded 134 buildings sold, a year ago 207 buildings, with at least two residential units, were sold.

Third quarter media sales price of $3,375,000 was 11.2 percent down from last year. The unit price media was 17.5 percent down annually, at $28,430.

The most expensive transaction was 814 Madison Avenue with 50 units and selling at $191.8 million. Second was 265 Cherry Street, also with elevator, and 491 units at $170,785,013.

The city overall saw a 23 percent drop in number of apartment buildings sold year-over-year. Median sales price was down 9.1 percent at $590,000, and unit price down 8.1 percent at $245,000.