|
|
Article: NEW YORK CO-OP VALUES FELL 18 PERCENT IN 1991; 'HIGH-END' DISTRICTS POST BIGGEST DROPS IN VALUES, RENTS
- Article from:
- PR Newswire
- Article date:
- January 15, 1992
CopyrightCOPYRIGHT 1992 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
NEW YORK CO-OP VALUES FELL 18 PERCENT IN 1991;
'HIGH-END' DISTRICTS POST BIGGEST DROPS IN VALUES, RENTS
NEW YORK, Jan. 15 /PRNewswire/ -- The cost of purchasing a New York co-op apartment dropped by 18.4 percent during 1991, with the most significant declines occurring in the Upper East Side, according to statistics compiled by the National Cooperative Bank (NCB), one of the largest providers of underlying mortgage financing to real estate co-ops.
The value of a New York co-op fell to an average of $63,552 per room in 1991, down from $77,858 per room in 1990, according to NCB. Rents at co-op buildings declined only one-third as much to $461 from $491 ...