Lower East Side condo prices rose more than any other neighborhood in Manhattan in the first quarter of 2018, a marked increase that was largely due to closings in a trio of pricey new developments: 100 Norfolk Street, FORSYTH and 215 Chrystie Street.
The average price/ft² on the Lower East Side was up 55% in the first quarter of 2018 as compared to the first quarter of 2017, according to an analysis by CityRealty. The average price/ft² in Q1 2018 was $2,059, as compared to $1,332 in Q1 2017. The number of closings in the neighborhood also jumped year-over-year, going from 13 in Q1 2017 to 44 in Q1 2018.
Exactly half of the condo sales on the Lower East in the first quarter of this year were in 100 Norfolk Street, FORSYTH and 215 Chrystie Street.
The average price/ft² on the Lower East Side was up 55% in the first quarter of 2018 as compared to the first quarter of 2017, according to an analysis by CityRealty. The average price/ft² in Q1 2018 was $2,059, as compared to $1,332 in Q1 2017. The number of closings in the neighborhood also jumped year-over-year, going from 13 in Q1 2017 to 44 in Q1 2018.
Exactly half of the condo sales on the Lower East in the first quarter of this year were in 100 Norfolk Street, FORSYTH and 215 Chrystie Street.
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The cantilevered condo at 100 Norfolk Street, designed by Eran Chen of ODA, saw 12 closings recorded in the first quarter, with an average price/ft² of $1,961 and an average sales price of $2.1 million.
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The FORSYTH, at 204 Forsyth Street, a 7-story building designed by Z Architecture, had six closings in the first quarter, with an average price/ft² of $1,953 and an average sales price of $3.1 million.
And at 215 Chrystie Street, the most expensive of the three new developments, there were four closings in the first quarter, with an average price/ft² of $3,784 and an average sales price of $12.6 million. The Herzog & de Meuron-designed building was developed by Ian Schrager and the Witkoff Group, and has only 11 units.
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