City inventory, sales increased in the spring: Report
Original stained glass windows of an apartment on Wall Street. (Nancy Borowick) Credit: Original stained glass windows of an apartment on Wall Street. (Nancy Borowick)
A lot of people are interested in owning Big Apple real estate and they're buying at a great time since there is a surge in available apartments, according to a new report.
Real estate group MNS issued its quarterly update on Manhattan's new development market Thursday and found that recently built apartments are selling well on the island.
Sales inventory rose 76% from the first quarter of 2012 to the second quarter and median sales prices rose 11% during the same period from $990,000 to $1.1 million.
Andrew Barrocas, MNS' chief executive, said the numbers indicate investors aren't afraid to help the city's real estate expand. "It shows the strength and resilience factor of New York," he said.
The neighborhoods with the most sales during the last quarter were the Financial District, Harlem and the Upper East Side, according to the report. Barracos said he expects the trend to continue for the next couple of months since the financial crisis is slowly ebbing.
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