According to city records, the median sale price in the month of March for an apartment in Manhattan was $1,076,326. This is pretty much the same price as a year ago, at the start of the pandemic, when the median recorded sale price was $1,050,698. The uptick from year-over-year is just over .02 percent.
However, the difference in the number of apartments that sold in March 2020 when compared to March 2021 is substantial. In 2021, 966 apartments sold compared to 698 in 2020, a 38% increase. The sales market is percolating.
So what do you get for $1.076 million in Manhattan at this time. Depending on the neighborhood and your need, the contrast in size can be quite dramatic. Due to the fact that the number of apartments sold in March was an even number (thus no single unit falls in the exact middle), we will look at two units, both of which closed within a thousand dollars of the median price. The larger of the two apartments was a two-bedroom in Harlem; the smaller one, a studio at a new luxury development just off Central Park West.
Apartment 2-J at 220 West 148th Street spans 1237 square feet and offers two full bedrooms and two baths. The condominium residence sold for $1,075,500, about $869 per square foot. The loft-like space is replete with 14-foot ceilings, oversized windows, wide plank oak flooring, washer/dryer and an eat-in kitchen with a large center island and top-of-the-line appliances.
220 West 148th Street, a former public school, opened in 1905 and was converted to residential use in 2010. The building’s rich Gothic exterior was preserved and enhanced when the landmarked structure was repurposed. Amenities include a part-time doorman, courtyard, fitness room, resident’s lounge, bike storage and cold storage.
John Carapella and Richard Herschenfeld of Compass represented the property. Click here to view this listing.
Apartment 3-F at 15 West 61st, the Park Loggia, closed at $1,077,152, about $2176 per square foot. The 495 square foot studio residence offers a living/sleeping area, a full-sized windowed kitchen and a washer/dryer. There is a significant private terrace that runs the length of the residence.
The Park Loggia stands prominently at the northwest corner of Broadway and West 61st Street. The statuesque tower, designed by Skidmore, Owings and Merrill went to market in 2019. Both Central Park and Columbus Circle are just outside your door and 15 Central Park West, one of the city’s preeminent addresses, is located across the street.
This full-service building is flush with amenities offering a host of indoor and outdoor features across some 20,000 square feet of designated common space. Outdoor amenities include a rooftop Park Loggia with lounge seating and sweeping views of the Manhattan skyline, an outdoor terrace and garden with barbeques, fire pits, lawns and a pergola for entertaining. Interior amenities include: A fitness center with yoga studio, game room, resident’s lounge with fireplace, private dining room with catering kitchen, conference room, golf simulator, screening room, musical practice rooms and children’s playroom. And of course the ultimate Manhattan luxury, a front entrance porte cochere.
So much of this studio apartment is actually outside its four walls, whether one takes full advantage of the amenity offerings or the ultimate location of the building itself.
The Park Loggia is exclusively represented by the Corcoran Group. Click here to view this listing.