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.
When 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.
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.