Report: NYC Average Home Prices up 28% in First Quarter Despite Slowing Economy

Manhattan prices drive NYC residential market up as average home
prices in Manhattan surge 41%; In Brooklyn avg prices up 3%

Manhattan neighborhood data surveyed in report for first time;
Luxury developments lead to big price hikes on UWS and Murray Hill
NEW YORK--(Business Wire)--
The average sale price of New York City homes jumped 28 percent in
the first quarter of 2008 compared to the same period last year,
according to a report released today by ResidentialNYC.com, a web
portal managed by The Real Estate Board of New York (REBNY). The
increase was primarily due to Manhattan's surging sales prices, which
are at all time highs.

The report tracks the sale of all residential property, including
private homes (1-3 family dwellings), condominiums and cooperatives.
The average home price throughout New York City in the first quarter
of 2008 was $853,000, up from $669,000 in the first quarter of 2007.

The ResidentialNYC.com report, compiled by REBNY using New York
City data for recorded transactions, found that the significant rise
in Manhattan real estate prices drove up the citywide increase.
Average prices in Manhattan surged 41 percent to $1.6 million compared
to $1.1 million in the first quarter of last year. In Brooklyn,
average home prices were up three percent to $582,000 compared to
$565,000 last year.

The report also includes Manhattan neighborhood information for
the first time, which found that the average apartment price
(cooperative and condominium) on the Upper West Side rose 96% to
$2,098,000, followed by Murray Hill at 92% to $1,072,000 and Midtown
West at 50% to $1,988,000 compared to a year ago. The tremendous
increases were driven by brisk sales in new luxury developments in
these locations.

Other neighborhoods that showed strong average price increases
include the Upper East Side 41.1% to $1,933,000, Midtown East 33.4% to
$1,341,000, Greenwich Village 22.4% to $1,364,000 and Washington
Heights 13.2% to $452,000. These strong increases were driven by the
continued growth in prices in the Manhattan market.

The neighborhood data in the report also indicated that the
highest average sale prices (all housing types) were in Soho
($2,304,000) and Tribeca ($2,224,000) reflecting the generally larger
units located in these areas.

"The significant increases in home prices in Manhattan clearly
boosted the citywide average," said Steven Spinola, REBNY president.
"While the number of sales was down overall in the quarter, prices
continue to rise particularly in Manhattan and in Brooklyn as well.
Further, the report shows that Manhattan's luxury market for high-end
properties continues to remain untouched by the slowing national
economy. Manhattan condominiums in particular continue to sell for
record high prices."

The number of home sales throughout the city was down 22 percent
in the first quarter compared to first quarter of 2007. In Manhattan,
the number of home sales overall was down six percent.

** For a copy of the full report please contact John Marino at
212-889-0808 x 122.

The Marino Organization
Cara Gentile or John Marino
212-889-0808
cara@themarino.org / john@themarino.org

Copyright Business Wire 2008