Manhattan | January 2023

By Linecity, March 4, 2023

According to New York City records, the median price for an apartment in Manhattan for the month of January 2023 was $997,000.  The price represents a decrease of 16.9% from the median price of $1,200,000 recorded in January 2022. The number of apartment sales dropped dramatically from 1056 to 752 reflecting a year-over-year decrease of 28.8%.  

January represents the fifth consecutive month that the volume of year-over-year sales have dipped in the borough.

What exactly does $997,000 million (there were multiple apartments that sold in this range so we picked one) get you in Manhattan?  Let’s take a closer look.

Apartment 8 at 123 West 131st Street (aka Harlem Sol 123) is a three-bedroom penthouse floor-through duplex with a private roof terrace.  The apartment is flush with light and enjoys open views across a wide swatch of Manhattan.

123 West 131st Street is located between Adam Clayton Powell Boulevard and Malcolm X Boulevard on a beautiful tree-lined block lined with stunning four-story brownstones.  Unfortunately, the Harlem Sol is miscast on this fine block and stands out like a sore thumb vis-a-vis the homogeneity and historic character of the street.

Apartment 8 offers 1197 interior square feet across two floors and an additional 280 square feet of private outdoor space.  There is a front and rear balcony on the lower floor and a 214 square-foot roof terrace on the upper floor.

The primary floor features a corner living room with a separate dining area and a high-end open kitchen.  Toward the rear are two bedrooms and one-and-a-half baths.  The half bath contains a stacked washer/dryer.  A spiral staircase leads to the second floor where there is a third bedroom or home office.  This space opens up onto the roof terrace.

Other features include floor-to-ceiling windows, recessed lighting and wide plank floors.

123 West 131st Street was built in 2007 and contains seven units across eight floors. The ground floor garden apartment as well as the penthouse residence are both duplexed homes. Security is provided by a virtual doorman.  Amenities include a common roof deck, a fitness facility and private storage. 

Apartment 8 at 123 West 131st Street was first listed in August 2022 for $1.1 million.  The listing was under contract within six weeks and sold in January 2023 for $995,000, some 9.5% off the original ask.  The closing price represents a value of $831 per square foot.

The property was represented by Dennis Laronga of Compass.  Please visit Linecity for more details on the sale.