Developers throughout the city are now building more three- and four-bedroom units to meet the demand. The average sale price for a new three-bedroom condo is about $4 million, with apartments selling for as little as $1 million in Harlem and Brooklyn and for as much as $8 million on Park Avenue.
The scarcity, though, seems to be universal. “It’s not just the $2 million to $3 million apartments that are hard to come by,” said Bill Milvaney, a broker with Bellmarc Realty. “Even with $4 million, $5 million or $7 million to spend, we’re just not finding them out there.”
Recent studies of the market indicate just how strong it is for larger apartments. While the average sale price for studios and one- and two-bedroom apartments hasn’t changed much in the last year, the average price for three-bedrooms went up by nearly 18 percent, to $4.187 million, according to the latest market report released by Prudential Douglas Elliman. For four-bedrooms, the increase was even steeper: more than 36 percent, to $9.175 million...
Brokers agree that most of the demand comes from young families who in the past would have opted for the suburbs, where they can get much more living and outdoor space for their money. Census figures bear this out: the number of children under age 5 living in Manhattan grew by more than 32 percent from 2000 to 2005.
-In Search of the Elusive 3-Bedroom
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