REBNY REPORT: CONDOMINIUM SALES SET NEW RECORDS IN SECOND
QUARTER 2004 WITH 1,374 TRANSFERS

--Sales prices way up, with double-digit increases in every neighborhood;
Westside and Northern Manhattan showed biggest gains --

New York, NY – Aug. 16, 2004 – The number of condominiums sold in Manhattan set a new record in the second quarter of 2004, with 1,374 units sold, an 18% increase from last year, according to the Second Quarter Condominium Report released today by the Real Estate Board of New York (REBNY), the city’s leading real estate trade association. Prices for condominiums continued to rise as well, with the average sales price increasing 21% to $1,026,885.

“The condominium market in Manhattan saw tremendous gains in the second quarter of 2004,” said Steven Spinola, REBNY President. “Despite an average sales price of more than $1 million dollars for the second quarter in a row, New Yorkers continue to invest in the future of our city by owning their own homes.“

The median sales price for Manhattan condos – the middle value of sales from lowest to highest – also increased by double digits, rising 14% to $660,000.

Both Manhattan prewar and postwar condos set new record highs for the quarter. Prewar units rose 19% to a median price per square foot of $786, while postwar condos increased 16% to $765.

On the Westside, average sales prices for condos increased a whopping 48% from a year ago to $1,290,000. Subcategories on the Westside also showed high increases, with postwar units on the Westside climbing 45% to an average sales price of $1,364,000. Prewar apartments on the Westside averaged $886,000, an increase of 38%.

“The dramatic increases on the Westside can be attributed to the successful sales of condominiums at the Time Warner Center, which added a substantial number of units to the market,” added Mr. Spinola.

The median price per square foot for a Westside prewar condo rose 34% to a record high of $861; this marks the first time this category has been above $800. Westside postwar condos rose 13% to a record median price per square foot of $829, also the first time this category rose above $800.

Northern Manhattan condominiums, similar to the cooperative market for the second quarter, also demonstrated widespread increases. For the 32 Northern Manhattan sales, the average sales price climbed 45% to $338,000, while the median sales price rose 42% to $311,000. In the prewar subcategory the median price per square foot increased 80% from a year ago to $513.

For the Downtown category, the median sales price rose 26% to $669,000. Prewar units Downtown rose 36% to a median sales price of $1,160,000.

The Quarterly Condominium Report is compiled by REBNY from recorded condominium transfers.

About REBNY

As the oldest and most influential real estate trade association in New York City, The Real Estate Board of New York represents major commercial and residential property owners and builders, brokers and managers, banks, financial service companies, utilities, attorneys, architects, contractors and other individuals and institutions professionally interested in the city’s real estate. REBNY is involved in crucial municipal matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes and legislation. In addition, REBNY publishes reports providing indicators of market prices for both the residential and commercial sectors.

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To obtain a copy of the report please contact Cara Marino at (212) 889-0808 x 25.