CityRealty's Q1 2022 Quarterly Manhattan Residential Market Report
With low inventory and a return of optimism for the city, Manhattan saw the average sale price paid for an apartment jump 22% in the first quarter of 2022 compared to the first quarter of 2021. The average sale price for all residential units, excluding townhouses, ticked up markedly to $2.1 million, up from $1.7 million in Q1 2021.
The average sale price of a condo was $2.92 million and the average price paid for a co-op was $1.36 million.
Year-over-year, the count of Manhattan transactions was up 34%, with 3,767 deals this past quarter compared to the 2,622 deals over the same period in 2021. However, quarter-over-quarter, the total number of deals fell 10% and prices were only up by 1%.
The average sale price of a condo was $2.92 million and the average price paid for a co-op was $1.36 million.
Year-over-year, the count of Manhattan transactions was up 34%, with 3,767 deals this past quarter compared to the 2,622 deals over the same period in 2021. However, quarter-over-quarter, the total number of deals fell 10% and prices were only up by 1%.
In this article:
In Q1 2022, there were 3,612 residential condo, co-op, and condop deals aggregating to $7.5 billion, up a significant 68% year-over-year in total dollar amount of sales.
Manhattan Condo Sales
In Q1 2022, there were $4.8 billion in condo sales in Manhattan, down 17% since the record-breaking Q4 2021 but up 73% year-over-year. The average condo price/ft2 during the approximately 90-day period was $1,836, up 2% since the fourth quarter of last year and up 16% from the same quarterly period in 2021. So far in 2022, condo sale prices are 3% below the pre-pandemic figures of 2019, With 1,643 condo transactions, Q1 2022 was the highest number of first-quarter deals since 2008.
Manhattan's Priciest Sales of Q1 2022
In contrast to Q4 2021, when more than half of the 30 priciest sales were in downtown condos,
Q1 2022 saw the revival of sales in Billionaires' Row and Upper East Side Gold Coast buildings.
Additionally, 16 of the top 30 transactions were sponsor sales in new development condos. All
but one of the top 30 deals were in buildings finished or converted within the last 20 years.
The most expensive sale was a full floor on the 125th floor of Central Park Tower on Billionaires Row. The deal was also the priciest sale on a per square foot basis, coming in at $7,009/ft2. The buyer of the sponsor 5-bedroom/5.5-bath spread was not disclosed.
The second-priciest deal of the quarter came from a capacious 8,386-square-foot duplex at The Benson. The newly-finished building is the Upper East Side's first new condo development on Madison Avenue in more than 25 years. Steered by the Naftali Group, the building witnessed incredible sales velocity while in construction, signing nearly $100 million in contracts in less than 60 days.
The most expensive sale was a full floor on the 125th floor of Central Park Tower on Billionaires Row. The deal was also the priciest sale on a per square foot basis, coming in at $7,009/ft2. The buyer of the sponsor 5-bedroom/5.5-bath spread was not disclosed.
The second-priciest deal of the quarter came from a capacious 8,386-square-foot duplex at The Benson. The newly-finished building is the Upper East Side's first new condo development on Madison Avenue in more than 25 years. Steered by the Naftali Group, the building witnessed incredible sales velocity while in construction, signing nearly $100 million in contracts in less than 60 days.
Manhattan's Top-Selling Buildings
The residential building that accrued the most sales in Q1 2022 by total dollar amount was the newly-finished Upper West Side condo tower
200 Amsterdam
which saw $194 million worth of closings across 26 deals.
The Benson, a boutique condo on the Upper East Side by the Naftali Group, and
Central Park Tower, the world's tallest residential building, rounded out the top three. As we approach the end of the second quarter, find below the table of top Q1 sales, a list of the top-selling residential buildings of 2022 so far.
Manhattan's Top-Selling Buildings of 2022 up until 6/9/2022
Condo Sales: 9
Avg. PPSF: $2560
Avg. Price: $7,435,221
378 West End Avenue, #2E (Alchemy Properties)
From the Listing: Residence 2E is a charming two-bedroom apartment with all rooms facing onto tree-lined 78th Street. With a private elevator vestibule, a beautiful Christopher Peacock chef's kitchen with top-of-the-line appliances (Sub-Zero, Wolf) and the primary bedroom suite of a five star hotel, this lovely apartment is chic and cozy with plenty of room to entertain. See full details here.
Condo Sales: 16
Avg. PPSF: $3,030
Avg. Price: $4,195,124
Rose Hill, #30C (Core Group NYC)
From the Listing: Residence 30C is a 1,052-square-foot 1-bedroom, 1-bath. This fantastic home offers northern and eastern exposures. Flexible by design, the open floor plan with an additional windowed alcove boasts rusticated hardwood floors, bronze-finished hardware, and soaring ceilings of up to 11 feet high with window heights of 9 feet. The open kitchen with Miele appliances features custom ultra-matte, dark charcoal woodwork, metal-framed glass upper cabinetry, and Calacatta honed marble countertops. See full details here.
Condo Sales: 33
Avg. PPSF: $2,069
Avg. Price: $2,601,000
One Essex Crossing, #8N (Corcoran)
From the Listing: Residence 8N is a spacious 1,369-square-foot 2-bedroom, 2.5-bathroom home with a 168-square-foot terrace that delivers stunning southwestern views toward Downtown Manhattan. This residence features wide plank European oak flooring with a warm custom stain, ceiling heights of up to 10 feet, and oversized windows providing exceptional natural light and air. The open kitchen features a two-tiered preparation and dining island and Italian cabinetry by Moca finished in taupe glossy lacquer and tabac stained oak, with Honed Dolomiti marble countertops and backsplash. See full details here.
Condo Sales: 21
Avg. PPSF: $2,562
Avg. Price: $4,177,852
Condo Sales: 21
Avg. PPSF: $2,562
Avg. Price: $4,177,852
Two Waterline Square, #37F (Corcoran)
From the Listing: This one-of-a-kind, spectacular highest-floor three-bedroom, three-and-a-half-bathroom duplex residence at Two Waterline Square features stunning floor-to-ceiling windows with dramatic views capturing the Hudson River to the south and iconic open New York City skyline to the east. The only residence with two private terraces located on each floor with elevator access to both levels. The top floor of this home offers an expansive living and dining room that opens out to a terrace, creating the ultimate space for seamless indoor and outdoor entertaining. See full details here.
Condo Sales: 12
Avg. PPSF: $2,807
Avg. Price: $7,620,399
150 East 78th Street, #PH11B (Credit: Hayes Davidson)
From the Listing: Duplex PH11B is the perfect five-bedroom five-bath residence totaling 3,816 square feet with a gracious 277-square-foot terrace fit for entertaining. Arched windows and Juliet balconies are key features that set this apartment apart from others in the building. All of the gracious public spaces are on the first floor including an eat-in kitchen, formal dining room, entry gallery, private stair and great room with fireplace and terrace that runs the length of the great room. See full details here.
Condo Sales: 46
Avg. PPSF: $2,047
Avg. Price: $2,059,336
(Credit: Evan Joseph)
One Manhattan Square, #68J (Corcoran)
From the Listing: The Skyscape Collection, featuring Residence 68J, is a home in the sky. This generous 2,347-square-foot triple exposure 3-bedroom, 3.5-bath residence is designed by Meyer Davis and features 270-degree views of the Lower East Side waterfront, New York Harbor, Financial District and Midtown Manhattan. Astonishing panoramic views from southwest and northwest corner living room and dining room. Windowed gourmet kitchen with a breakfast bar, pantry closet, premium Miele and Sub-Zero appliance package with a double oven plus speed oven, built-in whole-bean coffee system, wine fridge, dishwasher and externally fully vented kitchen hood. One Manhattan Square presents the most valuable waterfront living opportunity in Manhattan with one of the last available 20-year tax abatement in New York City. See full details here.
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Condo Sales: 3
Avg. PPSF: $7,270
Avg. Price: $32,044,292
520 Park Avenue, #17 (One and Only Realty, Inc.)
From the Listing: Enjoy expansive Central Park and city views from this spectacularly elegant full floor 4-bedroom, 5.5-bathroom simplex. This 4,613-square-foot, exclusive residence redefines what it means to live on the Upper East Side, with soaring 11-foot ceilings, select-cut solid white oak hardwood flooring, and breathtaking views. As you head toward the living room/dining room, be amazed by how the high ceilings so elegantly shape the space.
The open kitchen features custom cabinetry from Christopher Peacock and appliances from Sub-Zero, Miele and Wolf. The north-facing bedrooms are private and intimate. See floor plan and full details here.
Condo Sales: 5
Avg. PPSF: $5,444
Avg. Price: $22,198,960
111 West 57th Street, #28 (Corcoran)
From the Listing: Direct elevator entry leads into a sprawling full-floor, three-bedroom, three-and-a-half-bathroom Tower Residence that encompasses 4,492 square feet of space on the 28th floor of 111 West 57th Street. The richly detailed finishes are conceived throughout by Studio Sofield and demonstrate an extraordinary commitment to craftsmanship and quality. The formal entry gallery is finished with white macauba stone floors and a dramatic north to south view gallery which leads into the expansive great room highlighted by intricately patterned floors in custom smoke-gray solid oak, 14-foot ceilings and floor-to-ceiling windows through which to enjoy the views of Central Park. See full details here.
Condo Sales: 4
Avg. PPSF: $5,299
Avg. Price: $29,424,109
432 Park Avenue, #36A (Douglas Elliman)
From the Listing: This grand 4,003-square-foot, three-bedroom residence with library and four-and-a-half-baths offers generous proportions and abundant light throughout. Interior features include a private elevator landing, solid oak flooring, 12'-6" ceilings, and expansive 10' x10' windows. An elegant gallery leads to a gracious corner living room and dining room with views of Central Park to the north and the Manhattan skyline to the east. The windowed eat-in chef's kitchen also offers Central Park views and includes a center-island, marble floors and countertops, white lacquer and natural oak cabinetry, Miele stainless steel appliances and Dornbracht polished chrome fixtures. See full details here.
Condo Sales: 124
Avg. PPSF: $1,308
Avg. Price: $1,087,679
300 West, #9B (Douglas Elliman)
From the Listing: Introducing residence 9B at 300 West, a 1,000-square-foot eastern-facing two bedroom, two bathroom, offering an enormous living and dining area that boasts custom White Oak herringbone flooring, central heating and air conditioning, and insulated oversized windows. The custom kitchen designed by Paris Forino, is complete with White Oak cabinetry and Carrara marble countertops and backsplash. This unique kitchen features a Sub-Zero refrigerator, Wolf oven and gas range, and Cove dishwasher. Each apartment is equipped with a washer/dryer hook-up for convenience. See full details here.
Condo Sales: 23
Avg. PPSF: $2,690
Avg. Price: $6,171,489
Fifteen Hudson Yards, #66E (Corcoran)
From the Listing: This generous layout features panoramic 180-degree views from the Hudson River to the East River and the amazing skyline in between! The front door leads into a true gallery over 6'6" in width to showcase your art collection. The giant great room with 10'10" ceilings features 16 floor-to-ceiling windows with panoramic city and river views and a beautiful open kitchen with incredible marble island, double ovens and wine storage. See full details here.
Condo Sales: 11
Avg. PPSF: $3,457
Avg. Price: $14,975,881
The Benson, #DPLX10/11 (Brown Harris Stevens)
(Credit: Hayes Davidson)
From the Listing: The Duplex, more mansion than apartment, is set on the 10th and 11th floors of The Benson. Its grandeur is unparalleled with over 8,300 square feet and an impressive 10 bedrooms, 2 kitchens, 8 baths and 2 powder rooms. Upon entering the great room you are immediately transported to a bygone era overlooking Madison avenue with vignettes of the Metropolitan Museum of Art and Central Park treetops. A fireplace crackles while the southern and western sunlight plays shadow games through the mullioned windows on the chevron white oak floors. See full details here.
Condo Sales: 74
Avg. PPSF: $2,016
Avg. Price: $2,562,354
(Credit: Evan Joseph/ DBOX)
Madison House, #42D (Douglas Elliman)
From the Listing: This 1,674-square-foot two-bedroom, two and a half-bath residence opens into an elegant entry foyer, leading to a living and dining room encased with 10-foot tall windows with south, east, and west views. Gachot-designed custom rift-cut cabinetry accentuates the kitchen, with a honed Calacatta Borghini marble waterfall island and backsplash. Gaggenau appliances including a cooktop, combi-steam oven, convection double oven, refrigerator, and wine refrigerator outfit the kitchen. White oak 5-inch plank floors and 9-foot solid walnut doors are featured throughout the residence. See full details here.
Condo Sales: 15
Avg. PPSF: $4,369
Avg. Price: $13,017,819
Central Park Tower, #114 (Douglas Elliman)
From the Listing: This expansive north, south, east, and west-facing five-bedroom, five-and-one-half-bathroom residence boasts limitless views of Central Park, the Manhattan skyline, Hudson and East Rivers, and beyond from an elevation of nearly 1,300 feet. Over 11' tall floor-to-ceiling windows provide for an abundance of light throughout. A private foyer leads to a formal reception gallery, providing the perfect entry to the gracious Grand Salon featuring triple exposures. An oversized, gourmet eat-in-kitchen boasts corner views through floor-to-ceiling windows, custom cabinetry by Smallbone of Devizes, and premium Miele appliances. See full details here.
Condo Sales: 29
Avg. PPSF: $2,769
Avg. Price: $7,812,624
200 Amsterdam, #29A (Brown Harris Stevens)
From the Listing: Accessed via a semi-private landing, this 3,622-square-foot, four-bedroom, four and a half-bath condominium offers an elegant, modern plan and spectacular views from every room within. In addition, a terrace, nearly seventy feet in length, is located directly off the living room, primary bedroom, and bedrooms two and three. A gracious foyer and gallery lead to the stunning corner living and dining area with 10' ceilings, French White Oak floors in a chevron pattern and soaring, floor to ceiling windows framing spellbinding views of Central Park and the Midtown skyline. Innovative sliding glass doors allow for the option of an open or closed eat-in kitchen. See full details here.
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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