Downtown
Luxury Apartments
Exhibit Strong Appeal Downtown
Cooperative
The Downtown skyline continues to be graced by exceptional new devel-
Average Price Per Room
opments, beautifully coexisting with traditional prewar and post-war
buildings. The list of world renowned architects associated with these pre-
$300,000
mier condominiums is growing, and an excellent range inventory in this
$250,000
market segment is building as more developments come on line. > One
$200,000
Madison Park has achieved record-breaking success and is now sold out;
Condominium
$150,000
and, the building’s complement, 23 East 22nd Street, will soon be released.
Average Price Per Square Foot
$100,000
Also led by Brown Harris Stevens’ I.D. Marketing Group, this project rep-
$1,300
$50,000
resents a first in New York City for celebrated architect Rem Koolhaas
$1,100
0
and will feature design elements that articulate an iconic moment in archi-
$900
Prewar
Postwar
tecture. > New development continues to generate excitement, yet of
2Q 07
2Q 08
$700
$500
Percent
of Sales
Average
Price
2Q 07
2Q 08
2Q 07
2Q 08
Change
3+BEDROOM
11%
12%
$3,065,052
$2,920,798
-5%
2-BEDROOM
28%
27%
$1,597,116
$1,760,061
10%
1-BEDROOM
37%
44%
$790,795
$813,690
3%
STUDIO
24%
17%
$493,620
$542,379
10%
$300
$100
2Q 07
2Q 08
equal note is the stability of the resale market, which comprises approxi-
mately 80% of the deals in our Downtown offices. Open houses are still
very well attended, and while fewer properties are at the center of bidding
wars, many are still being sold at or very close to asking price. > With
Condo prices Downtown
averaged $1,256 per square
foot during the second
quarter, 8% more than a year
ago. Downtown co-op prices
were up 10% for prewar,
and 5% for postwar units
over this time.
offices located in Greenwich Village and TriBeca, Brown Harris Stevens
brokers are the leading Downtown experts offering the finest selection of
outstanding properties in the City.
Kevin Kovesci
Executive Vice President
