Report: Manhattan Co-op, Condo Prices “Humming Along”

Today’s WSJ has a great article on how Manhattan apartment prices — co-ops and condo prices alike — are “humming along” at strong prices


WSJ reporter Jeff Opdyke writes “SoHo, the Lower East Side, Greenwich Village, Chelsea, Murray Hill, the Upper West Side and Harlem are all up in the past year,” citing DataQuick Zip Code analysis.

This blog recently noted that co-op Manhattan apartment prices remain largely unaffected by the current real estate debacle, because co-op apartment buyers must meet a stringent set of financial criteria established by the co-op board.

Co-op Boards have a fiduciary duty — a financial responsibility — to protect the financial interests of other shareholders (i.e., their neighbors) in the building. They can legally reject prospective apartment owners if they believe that a low sales price of an apartment would seriously reduce the value of other apartments in the building.

If you’re hoping to buy a Manhattan co-op at a fire sale price, fuggedaboutit!