What You'll Get for 1M Average sale price in New York City recently hit new high at $1.386 million
RISMEDIA, July 20, 2006—(MCT)—It's been two years since the average price of a Manhattan apartment zoomed past the $1 million mark, and we haven't looked back since.
Recently, already maxed-out New Yorkers saw apartments hit a new high with the average sales price reaching $1.386 million, according to a Prudential Douglas Elliman report compiled by real estate appraisal firm Miller Samuel.
So, what can you really get for about a million bucks? The Daily News recently posed that question to a number of real estate brokers in the city.
"A million dollars will buy you a decent, not spectacular one-bedroom apartment on the upper East Side," said Prudential Douglas Elliman managing director Daniela Kunen.
At that price, you won't find much in hot neighborhoods like Tribeca, SoHo, and the West Village, the brokers said.
Nonetheless there's still a diversity of choices available for those willing to broaden their search and sacrifice certain amenities. And with signs of a cooling real estate market, decent homes priced at $1 million are becoming less scarce than they have been in a while.
"There's definitely more to show every time I take out a client," said Corcoran broker Tami Shaoul.
On the upper West Side, a million dollars won't get you a luxurious or even sizable home.
It will buy you two bedrooms, one bathroom, a small balcony, renovated kitchen and central air conditioning on a park block -- like the apartment at 23 W. 83rd St. just sold by Halstead broker Brian Lewis for $1.05 million. The building does not have a doorman.
For a six-room apartment better suited for a family, you would have to pay almost double that in the neighborhood.
"The new $1 million is $2 million," Lewis said.
The upper East Side is where $1 million will stretch the furthest, the brokers said.
In rare cases, there are even some three-bedrooms to be had in that price range. Kunen is offering one at 420 E. 72nd St. for $1.35 million. It has a living room, dining room and balcony.
A would-be buyer was recently turned down by the building's co-op board.
"This is an aberration," Kunen said. "It's a great value."
Want something in a new condo development for about $1 million? You probably won't find it in SoHo, but it's available in less-established areas like midtown on the West Side. At the Orion at 350 W. 42nd St., two-bedroom, two-bath condos go for about $1 million.
In the Financial District, Corcoran's Wilbur Gonzalez is selling his own two-bedroom, one-bath apartment in a new condo project at 15 Broad St. designed by Philippe Starck.
Gonzalez is asking $1 million for the 1,169-square-foot home. He paid $665,000 for it in 2004. "It has Philippe Starck finishes, a swimming pool, bowling alley and squash court," he said.
For families seeking more space for $1 million, brokers recommend Harlem. A new condo development called The Ellison is expected to begin marketing apartments after Labor Day.
Two-bedroom, two-bathroom units -- at around 1,600 square feet -- will be priced just under $900,000, said Halstead's Lewis.
Family homes for $1 million are also far more abundant in Brooklyn. That sum will buy you two to three bedrooms, sometimes as large as 1,700 square feet, said Corcoran broker Leslie Marshall.
"We have everything from brand new projects with outdoor space for $1 million to classic pre-wars in Brooklyn Heights and Cobble Hill," she said.
Copyright © 2006, Daily News, New York
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