Year-End Brings Slowdown in Manhattan Condo Sales, But Prices Go Up

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Even in the slowest month for real estate, when you’d think people are more concerned with hunting down that perfect gift, Manhattan managed to score bigger prices and record sales.

According to CityRealty.com‘s latest market report, the average sales price of Manhattan apartments (condos + co-ops) was up by $200k in December, reaching $2.3 million. And that’s despite the 7.5% drop in the number of sales — with only 746 condo and co-op deals being closed last month.

December 2016 Sales Prices: Breakdown by Property Type, Location

Manhattan-condo-sales-by-neighborhoodThe front runners in terms of selling price, Manhattan condos sold for an average of $3.4
million. In terms of volume, 332 Manhattan condos sold in December, Downtown being the highest-grossing region in Manhattan, with $632 million in condominium sales, followed by Midtown, with $219 million in sales.

Unsurprisingly, Downtown Manhattan also scored the highest price/square foot: $2,284.

Greenwich Village condos sold for an incredible $2,973/sq ft, surpassed only by Midtown East, where condos commanded a sale price of $3,062/sq ft (which is actually a 26.5% drop from the previous month.)

Most Expensive Manhattan Residential Sales

After the 432 Park Avenue penthouse sold back in September for a mindboggling $87.7 million — making it the biggest sale of the year in NYC — a lower unit (#88) in what is the tallest residential tower in the Western Hemisphere closed last month for $60.8 million.

A penthouse over at 551 West 21st Street can also pride itself with a top sale, as the 3-bed, 3.5-bath unit traded for $34.6 million.

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Image credit: 551w21.com

The third priciest sale of the month was a stunning Park Avenue penthouse which celebrity stylist Jill Swid Rosen an husband Eric turned into “a young couple’s interpretation of a prewar penthouse”, according to the New York Times. The effort paid off, as the 791 Park Avenue penthouse sold for $22.5 million.

For more information and data on how new condo developments performed, as well as a breakdown of notable new listings to hit the market in Manhattan last month, check out CityRealty’s full 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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