As one of the most prominent neighborhoods in New York City, it's peculiar to say the Upper East Side is having a moment. But, the Upper East Side is having a moment. The neighborhood saw the most buying-and-selling action out of any Manhattan neighborhood in the last quarter of 2015 with 688 home sales, according to a new report released by the Real Estate Board of New York (h/t DNAinfo). Trailing far behind was the Upper West Side with 520 sales, Midtown East with 254, and Midtown West with 239.
That surge in sales also came with a surge in prices. Co-ops, which made up 503 of the 688 sales, saw a jump in average price from $1.4 million at the end of 2014 to $1.6 million in 2015. But the average price of condos, of which 180 were sold in the fourth quarter of 2015, dipped slightly between 2014 and 2015 from $2.3 million to $2.1 million. Only five townhouses were sold in the same period, compared with 13 the year prior. The average price also dipped from $10.8 million to $10.1 million.
REBNY's market researcher points out that the Upper East Side has the largest housing supply of all of the neighborhoods in Manhattan, so it makes sense that it should lead. The neighborhood is also going through a development boom that's in the midsts of bringing dozens of new units to market. Just this week, Citizen360, an 83-apartment building at 89th Street and First Avenue, launched sales from $1.5 million, and Ben Shaoul's development across the street unleashed 156 apartments onto the market from $880,000. In January, DDG's luxury 500-foot development, the tallest tower slated for the Upper East Side, delivered 48 units priced from $3.2 million.
· More Homes Sold on UES Than Anywhere Else in Manhattan Last Quarter: Study [DNAinfo]
· The Old Upper East Side's New Development Boom, Mapped [Curbed]
· All Upper East Side coverage [Curbed]