Photo: The Greenwich Lane
Homebuyers got a bit of break in February as the average price of a Manhattan apartment dropped slightly from the previous month. However, there was a marked decline in the number of sales in Manhattan apartments in February, according to the newly released market report by New York brokerage CityRealty.com.
The average price for a Manhattan apartment, which includes both condos and co-ops, dropped to $2.2 million February, down from $2.3 million recorded the previous month. Condos had an average asking price of $3.2 million in February, while co-ops averaged $1.3 million.
Manhattan apartment sales dropped 11 percent from the previous month, with a total of 789 transactions in February, compared to the 885 recorded in January. Condos accounted for 378 of the total number of transactions, while 411 co-ops were sold in February, according to CityRealty.com’s data.
Sales volume for February declined to $1.7 billion from the previous month’s $2.1 billion total.
Downtown was again the highest-grossing market in Manhattan, racking up $641 million in condo sales in February which is below the $765 million recorded the previous month.
The new development condo market also recorded declines in February, with the average price falling to $5.4 million from the $5.7 million recorded in January. The number of new development units sold dropped to 123 from January’s 138 total.
February’s top sale was a penthouse unit in The Greenwich Lane, which sold for $40 million. The penthouse unit has four bedrooms and four baths, with 5,586 square feet of living space. Located in Manhattan’s West Village, The Greenwich Lane is a new condo building developed by Global Holdings, Inc. and Rudin Management.
Click here to read the entire report.