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Nov. 13, 2013

Manhattan Condos Sell at Frenetic Clip

182 West 82nd Street_Exterior_Rendering Credit-Redundant Pixel for IF Studio thumbnailBy Dees Stribling, Contributing Editor

New York—As a measure of the revived (and accelerating) demand for condos in Manhattan, 182 West 82nd Street is more than half sold after a month on the market. All together, the property includes 11 units; six have sold, according to Stribling Marketing Associates, the sales agent for the condos, which were developed by the Naftali Group.

The building retains its original 1900-era façade while featuring new-construction units within, created by ODA-Architecture. The interior design includes high ceilings and oversized wood windows, as well as large bathrooms.

Among the remaining residences are a three-bedroom unit on West 82nd and a duplex penthouse with private outdoor space. Prices for the remaining residences range from nearly $4.6 million for a three-bedroom unit to more than $5 million for the penthouse.

The sales rate of this particular project is in line with the general frenzied pace of condo sales in Manhattan recently. According to the latest Elliman report, sales of condos and co-ops in the borough totaled 3,837 units during the third quarter of 2013, about 30 percent more than during the same period in 2012. Listing inventory dropped 21.9 percent in Q3 2013 compared with the third quarter of 2012.

As a result of eager buyers, Elliman adds, the market’s absorption rate is 3.6 months, the fastest pace in more than 13 years. By the company’s reckoning, the absorption rate is the number of months it takes to sell all active inventory at the current pace of sales. Also, the average number of days on the market for a Manhattan condo shrank from 191 in the third quarter of last year to 88 days during Q3 2013.

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