Upper West Side Inventory in High Demand

UWS has just five months of active listings

January 07, 2013 12:00PM

 

Adrienne Albert and an Upper West Side block

The absorption rate on Manhattan’s Upper West Side is a whopping 33.4 percent, meaning that the supply of listings could run dry in just five months. That neighborhood has the highest absorption rate of the five neighborhoods — the Upper West Side, the Upper East Side, Midtown West, Midtown East and Downtown — tracked in a new Marketing Directors report.
On the Upper West Side, there are some 329 current, active listings. The Downtown market has the next highest absorption rate, 27.1 percent, with 606 available units of housing. There is enough supply in that neighborhood to last some six months. Downtown was followed by the Upper East Side, which has a 24.6 percent absorption rate, 404 active listings and seven months of inventory.
The absorption rate was lower in Midtown East and Midtown West, coming at 19 percent and 19.8 percent respectively.
The report details Manhattan inventory below 110th Street.
“Demand will definitely outpace supply, and this will have a real impact on how developers approach the market — from site acquisition all the way through to pricing and sales,” said Adrienne Albert, founder and CEO of the Marketing Directors, in a release that accompanied the report. —Zachary Kussin

The 10-room apartment at the San Remo has some updates, but it retains many original details.

The 10-room apartment at the San Remo has some updates, but it retains many original details.

Big Ticket is a new feature with the Big Deal column that will list one of the priciest sales of the previous week.

Trading hands for the first time since the 1950s, a 10-room co-op at the San Remo was the highest sale of the week, according to transactions posted on Streeteasy.com.

The three-bedroom three-and-a-half-bath apartment retains the original bathrooms and kitchen — with St. Charles steel-and-glass cabinets — installed in 1930, when the San Remo, designed by Emery Roth, was built. The kitchen and pantry lead to a “servants’ hall and three maids’ rooms waiting for your touch,” according to the listing.

Full Story here:   http://cityroom.blogs.nytimes.com/2011/05/13/big-ticket-sold-for-14-million/?ref=realestate