0

Theodor Herlenius

Applications & Interpretations

Statistic Writing Task for Condos in Brooklyn and Manhattan

1

● AIM: To find the mean, median, range, and IQR cost for square feet in Condos between

the two sublocalities in New York State, Manhattan, and Brooklyn. This can be used to

see the difference in cost based on your budget if you would like to buy a Condo in

either Brooklyn or Manhattan.

● Why? The reason I am doing this is to give a clear idea to people who want to move to

either of these places but need to understand the complex pricing for both Brooklyn and

Manhattan. I chose to research condos as there are so many of them in both Brooklyn

and Manhattan so it is one of the most normal buildings to live in those places.

I am using Statistical math to determine the difference between pricing per square foot in

condos between the 2 different places in New York. Organizing this data and using statistical

math will give a clear idea of the difference in price per square foot between Manhattan and

Brooklyn.

● Plan: Systematic sampling will be used to pick 15 condos from both Manhattan and

Brooklyn. Systematic sampling will be used by taking 1 condo each time and skipping

the following one before choosing one again. It will be taken from the order in the Excel

sheet from rows 2 - 4802. The Mean will be calculated for each condo's price per square

foot. The mean will be calculated by dividing the price by the property's square feet. The

median will be calculated by taking the 7,5th condo in price order from each city. The

range will be calculated by taking the highest-cost condo per square foot minus the

lowest-cost condo per square foot.

2

Formulas:

Price
Mean: =Mean price for square foot
Property Square Feet

7 th condo price+8 th condo price

Median: the 7,5th condo is sorted in price order. =Median
2

Range: (Maximum value)−(Minimum value)=Range

IQR: Q 3(Third quartile)−Q1 (First quartile)=IQR

Standard Deviation: Found by Ti-84

Lower bracket Outlier=Q1−1.5×IQR

Upper bracker Outlier=Q3+1.5×IQR

Here are the sample calculations for price per square foot in New York

( List numbers skipped because of Systematic Sampling )

MANHATTAN: QUEENS:

List Number: 2 / 4082

Address: 2 E 55th ST Unit 803

Price: 315000 $

Property Square Feet: 1400 ft²

315000
Price per square foot: =225 $
1400

List number 8 skipped List number 57 skipped

3

This bar chart demonstrates the difference between the price per square foot of Manhattan and

Brooklyn for the 15 condos chosen from the random sampling.

The graph clearly shows that Manhattan is often more expensive per square foot than Brooklyn.

However, the difference in Manhattan prices per square foot is much greater than in Brooklyn.

This can be explained by calculating the range in both Manhattan and Brooklyn:

Manhattan Mean:

2866 , 67+1302 ,20+ 7611,51+ 625+798+2595 , 22+ 1515 ,15+1494 ,57 +1235 , 96+636 , 44 +1000+331 , 97+154
15

= 1708.90 $

Brooklyn Mean:

1931, 33+323 , 53+713 , 27+527 , 90+ 462 ,50+ 2011, 13+1787 , 04+1352 , 30+433 ,93+ 1148, 49+ 915 , 40+1053
15

= 1116,84 $

1235 ,96 +1302 ,20

Manhattan Median: =¿ 1269,08 $
2
4

1128 , 80+1148 , 49
Brooklyn Median: =¿1138,65 $
2

Manhattan Range: 7611,51 - 225 = 7386,51 $

Brooklyn Range: 2011,13 - 323,53 = 1687,6 $

Manhattan IQR: 1846,45 - 636,44 = 1210.01 $

Brooklyn IQR: 1533,74 - 527,90 = 1005,84 $

One problem is that it is an outlier in Manhattan, this can be calculated and is shown by:

Lower Bound: 636.44−1.5×1210.01=−796.54 $

Upper Bound: 1846.45+1.5×1210.01=3279.39 $

The number 7611,51 is an outlier because it exceeds the upper bracket. I am still going to

include this and not change anything in the equations because I want to use all of the data

possible so I have 15 condos from each sublocality.

So in three out of four scenarios ( Mean, Median, Range, IQR ), manhattan is continuously

greater in price per square foot than Brooklyn.

In conclusion, this statistical study of condos in Manhattan and Brooklyn gives an idea of the

pricing dynamics per square foot in these two New York sublocalities Manhattan and Brooklyn.

This study aimed to estimate the mean, median, range, and IQR of condo costs to help people

interested in buying a condo in either Manhattan or Brooklyn. The study could give helpful

information and the people looking to buy condos can find which place best fits their budget.
5

The systematic sampling used gave more reliable data as it randomly skipped 15 data sets, and

selected 15 data sets for both Manhattan and Brooklyn. The data most often showed that

Manhattan condos have higher costs per square foot than those in Brooklyn. This conclusion is

based on the observation made in the bar chart and buys Manhattan condos having a higher

cost on almost all of the statistical methods used.

Despite discovering an outlier in Manhattan, I chose to keep it in the data, as I wanted to use all

accessible information that I had gathered. I think the outlier helps to show the range of pricing

in Manhattan, demonstrating it is more usual for exclusive condos high in price, which is less

common in Brooklyn as I didn't find an exclusive condo there.

In conclusion, this study confirms that Manhattan condos are, on average based on the data

provided, more expensive per square foot than their counterparts in Brooklyn. The study of

mean, median, range and IQR not only reveals the general pricing trend but also goes more in-

depth to get a more reliable answer between the two sub-localities. As people explore buying a

condo in New York, this study could help them get a better understanding of the price difference

in condos between the sublocalities of Manhattan and Brooklyn.

To evaluate, there are a few ways this study could have been improved to become more

accurate in my opinion. One thing could have been to have a maximum price ceiling on condos,

focusing on more common and cheaper condos to better represent the “normal “ market.

Another thing that could have been done, is to go more into specific neighbourhoods into both

sublocalities. This is because both Manhattan and Brooklyn are quite big and both have

different types of neighborhoods where some are more expensive than others.
6
7

Appendix:

Here are the sample calculations for price per square foot in New York

( List numbers skipped because of Systematic Sampling )

MANHATTAN: QUEENS:
8
9
10
11