The BPC Report: 3Q18
In Q3 2018, Battery Park City saw all average value metrics drop as the market has seen a significant decrease in demand. There was a drop in both median and average price as well as median and average price per square foot. However, one bedrooms were the only sector of the BPC market that actually saw drops in average price. There was, however, a dramatic 48% drop in units sold YoY, which is line with the drop in activity in neighboring areas such as the Financial District which saw a 50% drop in units sold YoY. The significant drop in median price, 47% QoQ and 21% YoY, to $840,000 could suggest that starter apartments are faring better in this slowing market. That would line up with the data that one bedrooms saw the highest number of units sold in Q3.
• One bedrooms saw the most activity in Q3 with 13 units sold.
• Two bedrooms saw a steady increase in price of 21% YoY and 20% QoQ. • The median discount has increased almost 100% YoY from 1.69% to 3.33%.