Apartment For Sale in NYC
There are so many properties for sale in NYC. We constantly review and analyze the raw data for apartments in New York for sale. With the change of weather, the real estate market has changed. We now see an increased number of transactions compare to the beginning of the year, when things were more stagnant.
The majority of the New York luxury apartment transactions occurred in new developments and condos in NYC. The volume of the New York apartments for sale is constantly changing with the ever growing demand.
We looked at the most sought after properties for sale on Upper East Side and discovered that there is a strong demand for 3-4 bedroom apartments. The trend of growing appetite in Upper East Side apartments for sale was unveiled by the fact that large 3-4 bedroom co-ops get sold quickly and always for more than asking price.
For example, 1049 Park Avenue, apartment 3C was only listed for two weeks before it was sold after a bidding war, for way more than asking price. The ACRYS Record has not revealed the exact price of the sell.
The co-op at 1349 Lexington Avenue is another example. An E line apartment on the 5th floor got into contract only after the initial open house. According to an inside source, the price paid was almost 300k more than asking.
Both of these apartments are large 3-4 bedroom layouts which are located in prestigious UES and fall into District 2 and as you might already know the schools in District 2 attract a lot of families with young children.
There aren’t too many new constructions on Upper East Side. One building, which recently converted from rental to condo - Carnegie Park - is in the process of reorganizing and combining small units together to reveal large 3-4 bedrooms in order to accommodate the demand for large apartments for sale on UES.
The co-ops for sale on UES are still priced way lower compare to condos, however, we noticed that the price per square foot is creeping up and in some coops, it hits the $1500/sqft mark. Please see the data directly from StreetEasy here attached and organized for your convenience.