For the second quarter of 2021, the average sale price of Manhattan* apartments rose 10% Y-O-Y when compared to Q2 2020 and up 18% when compared to Q1 2021. The average sale price for all residential units, excluding townhouses, was $2.02 million, up from $1.84 million recorded in Q2 2020. The average sale price of a condo was $2.77 million (+4%
) Y-O-Y and the average price of a co-op was $1.3 million (+5%).
Year-over-year, the count of Manhattan apartment deals was up a remarkable 149%, from 1,601 deals during the city's height of the pandemic in 2020 to 3,988 transactions this past quarter. There were 1,953 condo sales, 1,965 co-op sales, and 70 condop sales Total sales amounted to $8.05 billion, up 173% Y-O-Y.
In this article:
In Q2 2021, nine out of ten of Manhattan's biggest apartment transactions came from buildings overlooking Central Park. The biggest sale was a two-unit purchase at 220 Central Park South
totaling $157.5 million. Both spreads were resales and were purchased in June by Joe Tsai, Alibaba co-founder and owner of the Brooklyn Nets. The units comprise the entire 60th and 61st floors, amassing to nearly 10,000 square feet of living space.
The condo building that accrued the most sales by total dollar amount was Vornado's 220 Central Park South which saw $291 million worth of deals across just seven closings. More than half of that figure was from a $157.5M combination unit sold
to an unknown buyer. The building that had the greatest number of sales was Toll Brothers' 77 Charlton
which saw 63 deals amounting to $110M.
The second-biggest deal was also at 220 Central Park South, a full-floor 4-bedroom sponsor unit that sold for $59.5M The third biggest deal was a duplex penthouse at 15 Central Park West
previously owned by Dr. Lindsay A. Rosenwald, the chief executive of the pharmaceutical company Fortress Biotech. The home is the crowning residence of the "House" portion of the two-wing development designed by Robert A.M. Stern. After spending nearly three years on the market, the 4-bedroom sold for $46.67 million, 28 percent less than its initial asking price.
Best-Selling Buildings of 2021 So Far
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*CityRealty's Manhattan residential market report data comprises the area south of 125th street on the west side, and south of 96th street on the east side.
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