New development sales during the second quarter of 2012 were up 60% year over year, to $602 million, but the median price of those sales declined 26% from a year ago, according to a quarterly new development sales report [pdf] released by MNS. In part, the cause was a spike in new developent sales located in lower-priced Harlem, which make up 16% of all new sales during the quarter. Another strong segment was the Financial District, which led the way in sales of studios and one bedrooms. These smaller-size units also contributed to the drop in the median price of new development sales from a year ago. A lack of new inventory in traditionally stronger neighborhoods like SoHo, the Upper West Side, and Gramercy Park kept that median sales price lower.
Murray Hill bucked Manhattan-wide trends in pricing both per square foot and median. The average price per square foot climbed 13% year over year, to $1,681. The median sales price of apartments in the neighborhood (49% of which were 2BRs) skyrocked 40% from a year ago, to $3.1 million. The single standout new development sale of the quarter was over at Jean Nouvel's 100 11th Avenue, where PH23 sold for $19.4 million—making it the ninth-largest overall sale during the quarter.
· Manhatan New Development Report - Q2 [MNS]
· Market Analysis [Curbed]