According to New York City records, the median price for an apartment in Manhattan for the month of April 2023 was $1,200,000. The price represents an increase of 5.5% from the median price of $1,270,000 recorded in April 2022. The number of apartment sales, however, dropped dramatically from 1,139 to 813 reflecting a year-over-year decrease of 28.6%.
April represents the seventh consecutive month that the volume of year-over-year sales have dipped in the borough.
What exactly does $1.2 million get you in Manhattan? Let’s take a closer look.
Apartment 18-G at 500 East 83rd Street (aka Morad Executive) is a generously sized two-bedroom (possible Convertible-3) postwar located in the Yorkville neighborhood of Manhattan.
The corner home features a split bedroom layout and a dining alcove (with window) that could easily be converted into a third bedroom or a home office. The apartment enjoys plentiful light and open city views to the north and east. Additional features include a marble foyer area, abundant closets, track lighting, parquet flooring and an en suite primary bath. The galley-style kitchen has a window with open views to the north.
500 East 83rd Street is a prewar building located between York Avenue and East End Avenue within easy walking distance to Carl Schurz Park and the John Finley Walk which runs along the edge of the East River. Built in 1965, the structure rises 21 floors and contains 195 apartments. The building was converted to co-operative ownership in 1979.
The full-service co-op provides a full-time concierge, doorman and a resident manager. Amenities are aplenty. The building provides a fitness facility with exercise studios and classes, an indoor pool, laundry room, bike room, landscaped roof deck and an attended garage.
Apartment 18-G at 500 East 83rd Street was first listed in December 2021 for $1.75 million with Brown Harris Stevens, In July 2022, The Agency took over the listing at a reduced price of $1.499 million. After two more price drops, the listing went to contract in January 2023. The closing price of $1.2 million represents a 31% drop from the original ask.
At 1,600 square feet, the apartment sold for $750 per square foot.
The area is serviced by the Q Train located at 83rd Street and Second Avenue and the 4,5 and 6 trains at Lexington and 86th Street.
The property was represented by John Antretter and Brigitte Pays of The Agency. Please visit Linecity for more details on the sale.