Manhattan Condo and Co-op Sales Pick Up the Pace, According to CityRealty’s March Report

With 439 condo and 446 co-op sales — and a combined average sale price of $2.3 million — the Manhattan real estate market is off to a great start to the year.


Let’s get this out of the way: a total of 885 residential sales doesn’t sound like all that much? Well, let’s put a dollar figure next to those numbers for some perspective:

  • 439 condos sold for an average price of $3.4 million
  • 446 co-ops sold for an average price of $1.3 million
  • that adds up to a gross sale amount of $2.1 billion (!) — in one month’s time

Manhattan apartment prices go steady, but demand picks up

According to CityRealty‘s March report, the number of sales for Manhattan condos and co-ops is up from the previous month. The moderate growth (885 vs 868) is dwarfed by the striking rise in the number of sales when looking two months back — when only 746 similar transactions have been recorded.

On the good news side: prices have gone largely unaffected, with December data showing similar price points for Manhattan apartments.

manhattan-condo-salesWhen talking location, Downtown was the highest-grossing region in Manhattan, with $756 million in condominium sales. In terms of volume, that amounts to 51% of all Manhattan condo transactions.

Midtown was the second highest-grossing area, with $248 million in sales.

Downtown also had the highest price/square foot, $2,187/sq.ft, while the Upper West Side had the second-highest, $1,769/sq.ft.

Most expensive Manhattan condo sales

A 5-bed, 6-bath condo in the posh 432 Park Avenue building traded for an impressive $65.6 million — a price point that made it the second most expensive sale ever recorded in the building.

432 Park Avenue

Columbus Circle’s The Residences at the Mandarin Oriental takes an honorable second spot, with the $39 million sale of a 3-bedroom penthouse unit.

The third most expensive sale this month was in the new Chelsea condo 551W21. PH19, a 6,167-square-foot, three-bedroom, three-and-a-half bathroom unit, sold for $34 million.

For more stats and detailed information on how new developments performed, check out CityRealty’s March report.

Written by Georgiana Mihaila

The main wordsmith behind all those Fancy Pants Homes. Avid reader and a sucker for superhero movies. Read, write, and dream real estate.

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