CONDO AND COOP PRICES SURGE IN 2005,

A DOZEN NEW MEDIAN PRICE RECORDS SET

Northern Manhattan leads median price hikes with

Coop median prices up 81% and condos up 68%

Downtown condo avg prices hit million dollar mark;

On East Side, avg prices for prewar condos up 84% to $1.9 million

New York, NY – May 18, 2005 – Median apartment prices in Manhattan set 12 price records in the first quarter of 2005, according to two reports released today by the Real Estate Board of New York (REBNY). Northern Manhattan apartments lead the surge as median prices for cooperatives skyrocketed 81% to $488,000 and median prices for condominiums climbed 68% to $353,000 compared to the first quarter of last year.

The reports, the most comprehensive available for the Manhattan market, also found that prices for Downtown apartments (south of 42^nd Street) soared in the first quarter as average condominium prices hit the million dollar mark for the first time, rising 27% to $1,076,723.

“Manhattan’s residential market was thriving in the first quarter of 2005, setting new price records. The numbers confirm what we hear from our members that the market continues to be hot. The strong results are also an affirmation that New York is where people want to be; residents have faith in the continued appreciation of Manhattan apartments and demonstrate it by their investments,” said Steven Spinola, REBNY president.

Prewar condominiums on the East Side of Manhattan jumped an impressive 84% to an average sales price of $1,909,671 nearly $1 million more than the overall average for Manhattan condominiums, which was $1,107,888.

Record Highlights

For condominiums, prewar and postwar apartments set new records as the median-price-per-square-foot for prewar condominiums rose 20% to $878, while the median-price-per-square-foot for postwar condominiums increased 26% to $853. Downtown prewar condominiums set a new record of $909 per square foot, up 32% from last year. Downtown postwar condominiums hit a record median price of $828 per square foot, up 21% from last year. West Side prewar condominiums set a record of $888 per square foot up 17% from last year, and West Side postwar condominiums set a record of $913 per square foot, up 47% from last year. East Side prewar condominium median-prices-per-square-foot rose 52% to $1,107, the first time this category crossed the $1,100 mark.

For cooperatives, record median-prices-per-room were set for all bedroom categories. Studio/one-bedroom cooperatives rose 20% to a median-price-per-room of $150,000, two-bedrooms rose 18% to a median-price-per-room of $218,000, three-bedrooms rose 31% to $337,000 per room and four-plus bedrooms increased 28% to $525,000 per room.

The condominium report had the following additional findings:

Manhattan:

• The number of condominium sales increased 39% to 1,563 transfers
• Overall, average prices for condominiums increased 27% to $1,107,888
• Overall, median prices jumped 21% for condominiums to $685,000

Neighborhood:

• Average sales prices for East Side condominiums rose 33% to $1,101,872, for Northern Manhattan jumped 31% to $409,929, and for West Side rose 27% to $1,230,724

The cooperative report had the following additional findings:

Manhattan:

• The number of cooperative sales increased 31% to 1,113 sales
• Average prices for Manhattan cooperatives increased a modest 3% to $1,022,924
• Overall, median prices for Manhattan cooperatives rose 13% to $631,000

Neighborhood:

• Average sales prices for Northern Manhattan cooperatives rose 34% to $609,724, for West Side increased 33% to $1,004,955, and for Downtown cooperative average prices climbed 30% to $746,215
• Median-price-per-room in Northern Manhattan soared 74% to $118,000

About the Cooperative Report

REBNY compiles its quarterly reports through confidential surveys provided by the city’s major residential brokerage firms. Individual brokers submit cooperative transfer data, which is not available to the public. REBNY then publishes this condensed version of its survey to help buyers and sellers determine current fair market values. The full report is circulated exclusively among the participating brokers who provide the sales data.

About the Condominium Report

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.

**Please contact Cara Marino at (212) 889-0808 for a copy of the report.