Sales in the financial district caused activity in lower Manhattan last quarter.
Platinum properties“The quarterly market report found that the FiDi and Battery Park City sales and rental markets stuttered back to life as prices fell and trading volumes remained low.
The average selling price in the financial district rose to $ 1.89 million last quarter from $ 848,000 in the same period last year – a jump of 123 percent. The average price per square foot is now $ 1,805, compared to $ 1,096.
Platinum sales manager Michael Rider said the brokerage, which trades primarily in Lower Manhattan, had a mix of buyers and homeowners trading for the first time with larger apartments in the neighborhood.
Also, the number of stores in the neighborhood almost climbed to last year’s level – in the last quarter there were 44 sales compared to 47 a year earlier.
In Battery Park City, the median selling price fell 14 percent year-over-year to $ 749,000 last quarter, down from $ 857,000 a year earlier. This means that the average price per square foot was $ 1,054 compared to $ 1,142 last year.
The number of trades did not recover with only 7 trades in the last quarter, compared to 20 in the previous year.
Across Manhattan, home sales have declined 46 percent.