Photo: Doc Searls/Flickr
While the overall average sale price of Manhattan apartments held steady in January, the average sale price of new development condos inched upwards, according to a new market report by New York brokerage CityRealty.com.
The average sale price of a Manhattan apartment, including both condos and co-ops, was $2.3 million in January, unchanged from the previous month.
However, the average price of all condos rose to $3.4 million in January, up from the $3.3 million recorded in December 2016. New development condo sale prices climbed to $5.7 million in January, compared to the $5.5 million price from a month earlier. Meantime, the price per square foot for new developments averaged $2,427 in January, 13 percent higher than the previous year but still 4 percent less than the previous month.
Meanwhile, co-ops held steady at an average sale price of $1.3 million for the second consecutive month.
The number of sales of all apartment types increased to 885 completed transactions in January, totaling $2.1 billion in gross sales. This was up from the 868 transactions and $2 billion in gross sales recorded the previous month.
The downtown submarket continued to be the highest-grossing region in the borough, with condo sales there totalling $765 million in January. The region had recorded $692 million in condo sales the month before.
January’s top sale was for a luxury condo unit at 432 Park Avenue costing $65.5 million. That makes it the second-most-expensive sale ever recorded in the 85-storey tower, the work of developers CIM Group and Macklowe Properties, so far.
Click here to read the entire report.