United States News New York Financial District Sales Prices Increased As Buyers Trade Up

Financial District Sales Prices Increased As Buyers Trade Up

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Sales prices in the Financial District prove to be an outlier in Lower Manhattan and the borough as whole (iStock)

Sales prices in the Financial District prove to be an outlier in Lower Manhattan and the borough as whole (iStock)

The Financial District’s sales market drove activity in Lower Manhattan last quarter.

Platinum Properties’ quarterly market report found that FiDi and Battery Park City’s sales and rental markets stuttered back to life as prices slid and deal volume remained low.

The median sales price in the Financial District increased last quarter to $1.89 million from $848,000 at the same time last year — a 123 percent jump. The average price per square foot is now $1,805, up from $1,096.

Platinum’s sales manager Michael Rider said the brokerage, which transacts in Lower Manhattan primarily, saw a mix of first-time buyers and homeowners trading up to bigger apartments in the neighborhood.

The number of deals in the neighborhood have nearly crept up to last year’s level as well — there were 44 sales last quarter compared to 47 a year earlier.

In Battery Park City, the median sales price fell 14 percent year-over-year last quarter to $749,000, down from $857,000 a year earlier. That pencils out to median price per square foot of $1,054 compared to $1,142 last year.

The number of deals has not recovered with a mere 7 deals last quarter, compared to 20 the year before.

Across Manhattan, the number of home sales were down 46 percent.

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