Manhattan condo prices rose in June, remain under peak levels
Condominium prices in Manhattan increased the past two years, but remain 8.2% below peak levels reached before the financial crisis, according to Radar Logic's RPX Manhattan Neighborhoods Report. The company said the average condominium price rose to about $1,073 a square foot in June, up 8.3% from a year ago and 14.8% higher than June 2009, when prices hit new lows established in the wake of the financial crisis. June prices fell 1% from as month prior because of "statistical noise and does not necessarily reflect a change in the long-term trend," the report said. Prices for condos grew in six of eight Manhattan neighborhoods, with the largest gain occurring in the Upper West Side where the RPX price index increased 25% per square foot. The price index for the East Village/Lower East Side rose 22.6%, while the Midtown/Clinton and Chelsea/West Village price indices grew 8.1%. The Financial District and Murray Hill/Gramercy areas saw prices rise 4.5% and 6.3%, respectively, from a year earlies. Prices in the Upper East Side remained relatively unchanged, while Soho/Tribeca prices declined 5.3% due to changes in sales patterns with consumers swaying towards smaller, less expensive units. Write to Kerri Panchuk.