True Gotham

Note some key takeaways and quote from PropertyShark CEO, Ryan Slack:

• Sales Volume: The market for NYC walk-up apartments was very active in the second quarter of 2007, with 21.14% more transactions than the first quarter of 2007 and 14.58% higher than the second quarter of 2006. Total sales volume almost reached a record $1.4 billion.
• Price/Sq Foot: The price per square foot for New York City walk-up apartments remained at 2-year highs ($187/ft) this quarter, a 27.59% increase compared to the second quarter of 2006.
• Average Sales Price: The average sales price for NYC walk-up apartments ($2,508,202) rose 9% over the first quarter of 2007 and 30% compared to the second quarter of 2006.

“Walk-up apartment buildings continue to be a red-hot area for real estate investors, with record level sales volume, price per square foot, and average sales price this last quarter. While the flip gains decreased this quarter, the appetite for this real estate investment class is very high.” – Ryan Slack, CEO of PropertyShark.com

Here's the report in it's entirety. 

Is there something wrong with these numbers? How can the price per ft be under $200 and the average price of the apartments be over 2mil? That's one huge apartment...

These are walk-up apartment buildings, not units. So the building might be $2mm, 10,000sq ft, and thus 200/ft for the building and all its units and common space. And it covers all boroughs. I doubt you can get that price in Manhattan, but rather the other boroughs.

Thanks for clarification.