New York Property Datapoints of the Day

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Market Movers

by Felix Salmon

Main

The Epicurean Dealmaker One Question for Rupert Murdoch

May 14 2007 6:01PM EDT

I have a soft spot for anecdotal journalism, like yesterday's great NYT piece from Josh Barbanel, featuring not only a $30 million apartment which the developer won't allow would-be buyers to inspect, but also a $16.5 million 2-bedroom apartment on the second floor of the Dakota Building, on Central Park West.

But today's news from the Real Estate Board of New York is really impressive: the average New York City apartment has gone up 23% in the past year, while the median apartment went up 20%. Median price per square foot was up 28%.

In other words, we could have a 20% property-market crash in New York City, and still only be back to where we were at what everybody else seems to think was the top of the market, in the first quarter of 2006. But as I've said, I think that unlikely.

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