According to New York City records, the median price for an apartment in Manhattan for the month of October 2022 was $1,050,000. The price represents a decrease of 4.5% from the median price of $1,100,000 recorded in October 2021. The number of apartment sales dropped dramatically from 1254 to 967 representing a year-over-year decrease of 22.9%.

In September of this year, 1170 apartments sold in Manhattan with a median price of $1,150,000. In August, 1546 apartments sold with a median price of $1,175,000.  When comparing October to August of this year the number of apartment sales in Manhattan fell 37.5 % while the median price slipped 10.6%.

What exactly does $1.050 million get you in Manhattan?  Let’s take a closer look.

Apartment 5-AN at 505 West 47th Street, aka The 505, is a delightful one-bedroom condo with a small corner balcony.  

The 505 is a post-war condominium located in Hell’s Kitchen between 10th Avenue and 11th Avenue.   The building opened in 2008, rises 7 floors and contains 108 apartments. 

Apartment 5-AN measures a generous 810 square feet  The residence offers a clean, contemporary aesthetic with oversized windows and abundant light. The corner living room (13’x21’) features wide plank bamboo flooring, track lighting and crown moldings.  Upon entry there is a small foyer and an extended gallery wall that leads to a dining area. 

The kitchen opens to the living room and exudes a simple elegance.  The space features light colored marble countertops, including a waterfall design over the peninsula and a suite of stainless steel appliances.  There is also a stainless steel farmhouse sink.  The wood floors continue into the kitchen. 

The primary bath is set in light tones and emulates the same clean aesthetic seen throughout the residence.  

Building amenities include a full-time concierge, landscaped roof deck, fitness center, private courtyard, laundry room, bike, and private storage.

Apartment 5-AN at 505 West 47th Street was first listed in June 2022 at $1.125 million.   In October, the property sold for $1.050 million, 6.67% off the original ask.  The price represents a per-square-foot value of $1,296.The residence was represented by Patrick S.R. Mills of CORE.  Please visit Linecity for more details and new availabilities at 505 West 47th Street.