It’s no secret that New York City has expensive real estate. Apart from San Francisco, NYC is the most expensive city in the country to live in. This is even more apparent if we only consider the Manhattan borough.
If you’re shopping for real estate in the borough, one of the points you’ll have to pay attention to is the price per square foot. In the latest analysis by research firm NeighborhoodX, they found that the average price per square foot in Manhattan was $1,773. This is significantly higher than other expensive cities. For instance, the average for all of San Francisco was $1,185/sqft, while the average for Boston was $751/sqft. The city often compared to NYC on a cultural level, Los Angeles, had an average price per square foot of $751.
In 2019, the median sales price for homes in Manhattan was $1.29 million, and the price per square foot was $1,398/sq ft. However, while the cost of properties in Manhattan is comparatively high, it can vary widely depending upon what part of the borough the property’s in and the details specific to it. Obviously, the range for price per square foot is going to depend upon a number of factors, but we can look at a few examples of homes in different parts of the borough to get a rough idea of what they are.
Cost Per Square Foot in Midtown Manhattan
The Midtown area of Manhattan had a median listing price in the range of $800,000 to $2.3 million across different blocks. We can take a look at a property in the area that falls into that median range to get a good idea of what the price range per square foot may be for the area.
At W 48th St., there’s a 1-bedroom, 2-bathroom condo that boasts a 10-foot ceiling and floor-to-ceiling windows. It has 952 sqft and an asking price of around $1.4 million, putting its cost per square foot at $1,465.
Cost Per Square Foot in the Upper West Side
In general, median prices in the Upper West Side were similar to that of Midtown. The median asking price for listed properties on each block is $850,000 to $2.2 million. Using that range we can take a property that falls within it to get an idea of what square footage prices in the area are like.
There’s a 2-bedroom, 2-bathroom classic prewar condominium on W 93rd St. with an asking price of about $1.46 million. With a size of 1,113 sqft it has a price of $1,325/sqft.
Cost Per Square Foot in the Upper East Side
The Upper East Side has a reputation for being one of the most expensive parts of the city and looking at the averages we see it’s for good reason. The median listing price for each block in the area fell in the range of $830,000 to $9.3 million. Keep in mind the median falls in the middle of the pack of listed properties, some properties sell in the tens-of-millions.
However, looking at square footage you may be surprised. On East 84th St. there’s a 6-bedroom, 10-bathroom townhouse with 4200sqft and a listed asking price of around $5.25 million. That puts its cost at $1,250/sqft, which is actually less than some of the other areas we’ve looked at.
So, when looking at the average ranges per square foot in Manhattan what we find is that while the specific location contributes to the overall price, the cost per square foot really depends upon the building and the specifics of the property itself.
If you need help finding the perfect property, contact WKB. William Bolls and his knowledgeable team are here to help. As a full service real estate firm, their hard work and dedication has gotten their property sales and listings featured in the New York Times and Brokers Weekly. Reach out to William today at (212) 405-1468 or [email protected]
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