Manhattan co-ops maintain sales share, but condos get price premium
By marketproof
April 2023
Since the first Manhattan condo was launched in 1965, nearly 3,000 condos 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.
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.
Resale Condos
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.