[Three Cents Worth NY #202] Studios Are The Market Heavyweights

Posted by Jonathan Miller - Tuesday, August 21, 2012, 2:20 PM

It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m simply here to take measurements.

Read this week’s 3CW column on @CurbedNY:

…It’s been a while since I was needlessly wonky so please be patient with me, but with all the attention lavished on trophy properties and the weakness/strength of the US dollar, I thought I’d take a look at the strength of studio apartment pricing relative to 4-bedroom apartment pricing in Manhattan—one end of the price spectrum versus another. To do this I divided the median sales price of a 4-bedroom apartment by the median sales price of a studio to came up with this ratio. I haven’t thought of a catchy name for it yet (working title: “4-bedroom/studio median sales price ratio”). Another way to think of this ratio is like a conversion of US dollars into some other currency. It goes like this: “How many studio apartment purchases would it take to equal one 4-bedroom apartment purchase?” I used median sales price in this ratio to remove outliers (i.e. $88M, $70M, $52.5M, etc.)…

[click to read column]

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