A popular and unique East Manhattan townhouse complex known as "Manhattan Pointe" is always fascinating to us here at MBC.
It's very rare in town to find a relatively uniform community of homes that are all share a build year, are basically the same size and mostly in the same, original condition. (The complex was built in 2002, so nothing's really all that old.)
This makes sales in Manhattan Pointe clearly comparable to one another, while trends in prices among the townhomes can seem like almost pure measures of broader market trends. (Or at least trends among homes priced closer to $1M than to the $3M median.)
By contrast, Manhattan Village, the only gated community in Manhattan Beach, features a diversity of floorplans, a number of SFR-equivalent homes, and because it was built in the 1980s, units now span a wide range of conditions, from all-original to fully remodeled to "remodeled within the last 20 years."
It's refreshingly simple to look at Manhattan Pointe data, in other words.
And we may be getting a new data point!
205 Aviation Place (3br/3ba, 1747 sqft.) has just hit the market, asking $1.275M.
(Listed by Terri Dunn of RE/MAX Estate Properties. Photo at the top is also from this listing.)
As is often the case with resales in the Manhattan Pointe community, the kitchen and baths appear to be as-built originals, with some newer flooring.
Beyond that, it's mainly about the home being an end-unit and one that's refreshed and attractively presented.
So how does that price stack up?
It almost looks cautious.
In Spring 2022, two units in the complex came to market asking record prices, and both got bid up $50K, resetting the bar rather high.
Those were 203 Aviation Place (3br/3ba, 1747 sqft.), the current record-holder at $1.380M, and 227 Aviation Place (3br/3ba, 1646 sqft.), which got $1.300M.
We all know that prices reversed for a while after last Spring, so pricing a Manhattan Pointe unit today just under the lower of those two price is a choice. They're not overreaching. They'll let the market take it up if the inherent value is higher.
We have graphed several years' worth of sales in the complex, adding this new listing at the end in bright green.
What do we see here?
Prices have often been in the $1.000-$1.100M range, with just a couple of standout sales, both at $1.170M, in 2018.
The flatness of prices prompted MBC to publish, "Seems 'Manhattan Pointe' Peaked," just days before the first pandemic shutdowns in March 2020.
Prices really did stay flat on the next few sales, before early 2022's big numbers in the 1.3s.
With 205 Aviation Place now on the market, it's our first chance to see if the 1.3s can be hit again.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
