Manhattan co-ops maintain sales share, but condos get price premium
By marketproof April 2023
first Manhattan condo
was launched in 1965, nearly
have been developed with 115,000 units. Before condos, though, Manhattan was filled up with co-ops.
You might expect that condo sales would have overtaken co-op sales by now. But this hasn’t happened.
In the chart below, each bar shows one month’s sales. The sales for each property type are stacked on top of the other so that the bar represents 100% of sales.
Expand the chart
At the bottom of the chart in blue is new development condos. The market share of this prized category is consistent, suggesting that condos are sold at a fairly constant rate.
New Development Condos
Above new development condos in red is resale condos. Condo sales by homeowners are also fairly consistent.
Next, in yellow, is new development co-ops. Building new co-ops has fallen way out of favor, and there aren't very many of them to sell.
New Development Co-ops
In green is resale co-ops. This is the largest segment at 54%. While condos are pretty much all that is built these days, co-ops still account for nearly two-thirds of the inventory.
With new condos getting a 40% premium to resale condos and resale condos getting a 35% premium to co-ops --
co-ops still sell.
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