Apartment closings in Manhattan jumped above pre-COVID-19 levels in some cases in the second quarter, according to Brown Harris Steven.
Overall, the 3,944 sales reported last quarter were more than double that of a year ago, according to the Brown Harris Steven's Second Quarter 2021 Residential Market Report. They were also 38% higher than 2021's first quarter.
While the jump in closings covered all price categories, resale apartments priced over $5 million recovered especially well. Brown Harris Steven CEO Bess Freedman says increasing discounts brought buyers back into this market. Closings were more than double compared to a year ago and jumped 85% from 2021's first quarter. In one property, 220 Central Park South, there were four resale closings with an average price of $53.4 million.
Recommended For You
With the jump in luxury closings, the average resale price rose 21% from Q1 2021. Right now, it is at its second-highest level ever to Q2 2019. In that quarter, pending mansion and transfer tax increases drove the increases.
While average and median prices climbed in Q2, Freedman points out that they were inflated by the rush of luxury closings. So, it shouldn't be assumed that prices are rising at this level for all apartments.
In addition, the pandemic makes it important to judge year-over-year comparisons carefully.
"The most important message I can share with you is that Manhattan and New York City are back big time," Freedman said in the introductory letter in the Second Quarter 2021 Residential Market Report. "We've never been as busy as during the past few months, and that momentum is getting a boost at just the right time. Governor Cuomo's removal of most COVID-19 restrictions is the best news not just for our market, but for the city's economy."
To further the point that New York is on the way back, Freedman points to a recent survey from the Partnership for New York City that found that 62% of Manhattan's one million office workers will be returning by September. At the time of the survey in May, 12% had returned. Things are also set up for a strong third quarter with a record number of signed contracts in the second quarter.
"These returning workers will help support the restaurants and retail shops that make Manhattan such a great place to live," Freedman said.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
