Photo: Robert Clark
While Manhattan apartment prices remained stable in August, the number of sales spiked dramatically.
The average price of a Manhattan apartment, including but co-ops and condos, was $2.1 million in August, unchanged from the previous month, according to a report released today by New York brokerage CityRealty.com.
But over the last month, the number of sales jumped from 948 in July to 1,264 in August. Some 562 condos and 702 co-ops were sold during the month, totaling $2.6 billion in sales — up from $2 billion recorded the previous month.
“One reason for the spike in the number of closings is that two new condos, Madison Square Park Tower and 389 E. 89, saw 70 transactions between the two of them, which accounted for an increase in the number of condo closings,” CityRealty.com’s Director of Research Gabby Warshawer tells BuzzBuzzNews.
Manhattan condos averaged $2.9 million in August, unchanged from the previous month. Meantime, co-ops averaged $1.4 million, down slightly from $1.6 million recorded the previous month.
Downtown remained the highest grossing region of Manhattan with $725 million in sales. And, at $2,295, it also had the highest price per square foot of all Manhattan regions. Midtown Manhattan ranked second, in terms of gross and price per square foot.
New construction condos averaged $2,084 per square foot, virtually unchanged from the previous month but 25 percent below the same time last year. New construction condos sold for an average price of $4.3 million — up from $3.9 million the previous month. There were 124 new construction sales in August, up from 106 in July.
August’s top sale was a four-bedroom, 5,241 square foot unit in 432 Park Avenue, which sold for $38 million.
In the luxury submarket, or properties at $4 million and above, 82 contracts were signed in September, totaling $381 million in sales — both below the previous month’s recorded totals. The average price of a Manhattan luxury apartment was $4.6 million last month, down slightly from $4.7 million in August.
Click here to read the entire report.