East Side
Grand Apartments Drive Market Strength
on the East Side
Cooperative
Demand for large cooperatives and condominiums continue to underscore
Condominium
Average Price Per Room
market stability on the East Side. Inventory remains limited for these
Average Price Per Square Foot
$600,000
bigger spaces, as buyers embrace the enduring traditional appeal of this
$1,400
$500,000
popular and well established neighborhood. > The market segment that
$1,200
is tapering some is for the studio and one-bedroom apartments.
$400,000
$1,000
Responding to uncertainty on Wall Street leading to a tightening of cred-
$300,000
$800
it, smaller properties are spending more time on the market; however a
$200,000
$600
key factor is often proper pricing. Properties of any size, when well priced,
$100,000
$400
are still seeing heightened interest from buyers resulting in brisk absorp-
0
$200
Prewar
Postwar
tion. The condition of a property is also important. Beautiful homes
2Q 07
2Q 08
2Q 07
2Q 08
requiring little or no renovation are still showing signs of great appeal.
Percent
of Sales
Average
Price
4+BEDROOM
2Q 07 3%
2Q 08 6%
2Q 07 $7,811,596
2Q 08 $9,821,260
Change 26%
3-BEDROOM
13%
15%
$3,229,745
$4,175,635
29%
2-BEDROOM
30%
32%
$1,696,531
$1,921,523
13%
1-BEDROOM
39%
37%
$691,858
$721,567
4%
STUDIO
14%
10%
$399,961
$450,568
13%
Several closings at 995
Fifth Avenue led prices
higher on the East Side,
especially the average
price per room for prewar
co-ops. This figure rose 37%
from the second quarter of
2007 to $520,445.
The concentration of top East Side expertise is found at the Brown Harris
Stevens flagship office on Park Avenue and 57th Street and our newly
expanded Upper East Side retail location on Madison Avenue and 84th Street.
Comprised of many of the City’s most accomplished professionals with
exceptional experience, our East Side brokers are well known for attentive
customer service and exceptional sales achievements on behalf of their clients.
Ruth McCoy
Executive Vice President
Peter Marra
Executive Vice President
