CityRealty Q3 Manhattan Residential Market Report
For the third quarter of 2021, the average sale price of Manhattan* apartments fell 12% when compared to the third quarter of 2020. The average sale price for all residential units, excluding townhouses, was $1.95 million, down from $2.21 million in Q3 2020. The average sale price of a condo was $2.75 million and the average price of a co-op was $1.3 million.
Year-over-year, the count of Manhattan apartment deals was up a remarkable 215%, from a meager 1,482 deals during the darker days of the pandemic to 4,671 deals this past quarter. There were 2,061 condo sales, 2,485 co-op sales, and 125 condop sales aggregating to $9.1 billion, up a significant 177% year over year.
Year-over-year, the count of Manhattan apartment deals was up a remarkable 215%, from a meager 1,482 deals during the darker days of the pandemic to 4,671 deals this past quarter. There were 2,061 condo sales, 2,485 co-op sales, and 125 condop sales aggregating to $9.1 billion, up a significant 177% year over year.
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In the third quarter of 2021, 25 out of the 30 biggest apartment sales in Manhattan came from condo buildings —18 of the 30 in high-rises facing Central Park. The mightiest sale was a two-unit purchase at 220 Central Park South totaling $66 million. The larger spread is an 11th-floor duplex in the 18-story "Villa" of the two-wing project. With an initial asking price of $52 million, the 4,820-square-foot home comes with three beds, four baths, and a sizeable 1,685-square-foot terrace overlooking Central Park. The unit was sold alongside a 19th-floor studio suite located in the "Tower" portion of the project.
The second biggest sale was a Gold Coast penthouse co-op at 2 East 88th Street which reportedly sold to an unidentified New Yorker with many children. According to The Wall Street Journal, the 12-room triplex attracted multiple bidders, including several billionaires. The asking price for the 7,000-square-foot spread was $40 million and it closed in August for $60 million.
The third biggest transaction came in the newly-opened Central Park Tower where a full-floor residence sold for $50 million in mid-September. Unit #53 boasts the largest private terrace in the Extell-developed project that bills itself as the tallest residential building in the world. The four-bed, five-bath spread sprawls nearly 8,000 square feet and its 2,082-square-foot terrace is conceived to have a swimming pool. The sponsor had an initial asking price of $95 million.
There were $5.67 billion in condo sales in Manhattan in the third quarter of 2021, up 3% since the second quarter and up 145% year-over-year. The average condo price per square foot in the approximately 90-day period was $1,753, up 2% since the second quarter but down 6% from the same quarterly period in 2020. Relatively low sales volume caused by restrictions on showings during the height of the pandemic resulted in aberrant market averages in Q3 2020.
The condo building that accrued the most sales by total dollar amount was the newly-opened Central Park Tower which saw $333 million worth of deals across 19 deals. Long-time chartbuster 220 Central Park South and Beckford Tower rounded out the top three. The building that had the greatest number of sales in the quarter was Toll Brothers' 77 Charlton Street which saw 66 deals amounting to $136 million.
Photo of Beckford House (Credit Noe & Associates: The Boundary)
Beckford Tower penthouse via Noe & Associates: The Boundary
In addition to the Billionaire's Row towers bordering Central Park, one development that conveyed buyers' tastes was Beckford House and Tower, which sold over $478 million in apartments so far this year. With its pre-war-influenced details, graciously proportioned residences, and high-end finishes and amenities, it's easy to see why buyers would be attracted to the pair of Upper East Side towers. According to a press release from the developer, Beckford House is now sold out, and only three marquee penthouses, all with grand floor plans and impressive outdoor space, remain on the market at Beckford Tower.
All images of 220 Central Park Tower via Vornado Realty Trust
All images of Beckford Tower via Douglas Elliman
Lantern House via Corcoran
Garden via Colin Miller
All images of 130 William via Corcoran
All images of 77 Charlton Street via Toll Brothers City Living
All images of One57 via Extell
Two Waterline Square via Corcoran
Great Room via Evan Joseph
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All images of 40 Bleecker Street via Douglas Elliman
Greenwich West via CityRealty
One Manhattan Square via Evan Joseph
Interiors via Extell
All images of Vandewater via Halstead
All images of The Park Loggia via Corcoran
All images of 277 Fifth Avenue via Corcoran
Beckford House via Joshua McHugh
All images of 25 Park Row via Corcoran
All images of 111 Murray Street via Douglas Elliman
All images of 520 Park Avenue via Robert A.M. Stern Architects / Zeckendorf Marketing LLC
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
Would you like to tour any of these properties?
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