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POSTINGS: Real Estate Board's Sales Report; Co-op Prices Increase In All Categories
With studios and one-bedrooms leading the surge, prices for
co-op apartments of all sizes set records in Manhattan
last year, according to the Real Estate Board of New York's Annual
Cooperative Sales Report. ''Remarkably strong demand permeates
this exceptional market, regardless of an apartment's size or
age or location,'' said Hall Willkie of Brown Harris Stevens,
chairman of the board's residential research committee.
The median price per room for studio apartments rose to $56,800
last year, a 20 percent rise from 1998, and the per-room price
for one-bedrooms jumped by 24 percent, to $78,333, according to
the report. Until about two years ago, prices for such smaller
apartments in Manhattan had risen at a relatively slower pace
than larger units. ''You have a lot of young people now who can
afford these units,'' said Gregory Heym, the board's chief economist,
''and a lot of people looking for a second home in the city.''
According to the report's guidelines, a studio generally contains
1 to 2 1/2 rooms with, perhaps, a separate kitchen and an alcove.
One-bedrooms run from 2 1/2 to 4 rooms. Two-bedrooms run from
4 to 7 rooms, and three-bedrooms from 5 1/2 to 10 rooms including,
perhaps, a maid's room and a library; four-bedrooms contain 11
or more rooms.
The median per-room price for two-bedroom co-ops rose by 9 percent,
to $119,129, and the median price for three-bedrooms rose to $178,661
a room, a 10 percent increase. In the four-bedroom or larger category,
the sample was limited because only 72 transactions were recorded.
For those apartments, the median price per room rose by 17 percent
last year, to $281,627.