With more than seven and a half billion dollars in apartment sales, the third quarter of 2022 was down 16% from the prior quarter and 18% behind Q3 2021. However, it was a historically strong quarter as total sales volume remained above the pre-pandemic levels of 2018 and 2019 by 33% and 61%, respectively. Despite political and economic uncertainty globally, the
average price paid for a Manhattan apartment is still close to the record figures of early 2019 and 2017.
While transaction volume continued to decline quarter-over-quarter (10%) and year-over-year (22%), the average sales price for all residential units, excluding townhouses, stood at $2M, down 7% from the prior quarter but still up 5% over Q3 2021. The average sale price for a condo was $2.96M, and the average sale price of a co-op was $1.34M.
While transaction volume continued to decline quarter-over-quarter (10%) and year-over-year (22%), the average sales price for all residential units, excluding townhouses, stood at $2M, down 7% from the prior quarter but still up 5% over Q3 2021. The average sale price for a condo was $2.96M, and the average sale price of a co-op was $1.34M.
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While the Manhattan residential market is not at the frenetic levels of 2021, New York City's
popularity as a second home market is increasing nationally and globally. With limited supply
anticipated to come online in 2023, in addition to the economic stability of the US compared
to other world markets, we anticipate forthcoming quarters to gain strength among pied-a-terre buyers.
Nineteen of the top 20 sales of the quarter were condominium units, with the majority being in new developments. The Aman Residences took the top two spots for the priciest units sold this quarter, with unit 20A closing at $76M ($11,175 per square foot) and unit 21A closing at $53M ($8,491 per square foot). The most expensive co-op sale was 912 Fifth Avenue, unit 8AB which sold for $22.5M.
Nineteen of the top 20 sales of the quarter were condominium units, with the majority being in new developments. The Aman Residences took the top two spots for the priciest units sold this quarter, with unit 20A closing at $76M ($11,175 per square foot) and unit 21A closing at $53M ($8,491 per square foot). The most expensive co-op sale was 912 Fifth Avenue, unit 8AB which sold for $22.5M.
In Q3 2022, 3,720 condo, coop, and condop apartments sold, totaling to nearly $7.6B worth of transactions. This total is 16% lower than Q2
2022 and 18% lower than Q3 2021. The building with the most sales by dollar amount was Madison House, which had $185M in sales from 37 closings followed by 378 West End Avenue with $179M in sales.
Apartments within reach of Central Park accounted for nearly half of Manhattan's top 25 residential sales by closing price. These buildings include Aman New York, Central Park Tower, and 111 West 57th Street. However, 35 Hudson Yards and several traditionally inspired Upper East and Upper West Side buildings also made the cut. Only three downtown units made the top 25: a triplex at 49 Greene Street that ranks among Soho's highest-priced sales, Hugh Jackman's penthouse purchase at 100 Eleventh Avenue, and a penthouse at the landmarked 108 Leonard Street.
The top 25 buildings by aggregate asking price of contracts signed came from a wide range of Manhattan submarkets, with Downtown, the Upper East Side, Hudson Yards, and Billionaires' Row claiming the top five spots. Robert A.M Stern Architects worked their magic again with The Cortland, claiming the top spot with $160.1M in aggregate sales and beating its closest rival by almost half. Beckford Tower ranked second place with aggregate sales totaling $98.5M. 35 Hudson Yards came in a distant third place with $50.8M in sales.
A penthouse at 35 Hudson Yards led the pack of the quarter's top contracts by last asking price, besting number two on the list, 111 West 57th Street, #45, by nearly 40%. Separate penthouses at Beckford Tower claimed the third and fourth spots. Overall, this quarter's ranking shows us the diversity of product type and neighborhoods that appeals to high-end buyers. The high-end market continues to cool, however. This quarter, only 20% of the top contract signings were above $20M, a 40% decline from Q2 2022, where 60% of the top deals were above $20M.
Top 10 Manhattan Buildings by Aggregate Sales
#1. Madison House, 15 East 30th Street, NoMad/Murray Hill
Availabilities from $1,925,000
Aggregate Sales: $185,039,716
Total Units Sold: 37
Avg. PPSF: $2,744
Avg. Sale Price: $5,001,073
#2. 378 West End Avenue, Riverside Drive/West End Avenue
Availabilities from $5,975,000
Aggregate Sales: $178,915,897
Total Units Sold: 18
Avg. PPSF: $2,796
Avg. Sale Price: $9,939,772
#3. Aman New York Residences, 730 Fifth Avenue, Midtown West
No Current Availabilities
Aggregate Sales: $158,807,034
Total Units Sold: 4
Avg. PPSF: $8,092
Avg. Sale Price: $39,701,759
#4. Central Park Tower, 217 West 57th Street, Midtown West
Availabilities from $6,500,000
Aggregate Sales: $139,632,266
Total Units Sold: 8
Avg. PPSF: $4,722
Avg. Sale Price: $17,454,033
#5. 109 East 79th Street, Carnegie Hill
Availabilities from $4,950,000
Aggregate Sales: $130,219,296
Total Units Sold: 9
Avg. PPSF: $3,618
Avg. Sale Price: $14,468,811
#6. 35 Hudson Yards, Midtown West
Availabilities from $6,135,000
Aggregate Sales: $114,258,000
Total Units Sold: 13
Avg. PPSF: $2,608
Avg. Sale Price: $8,789,077
#7. The Cortland, 555 West 22nd Street, Chelsea
Availabilities from $2,750,000
Aggregate Sales: $108,671,056
Total Units Sold: 18
Avg. PPSF: $2,908
Avg. Sale Price: $6,037,281
#8. The Solaire, 20 River Terrace, Battery Park City
Availabilities from $745,000
Aggregate Sales: $99,300,780
Total Units Sold: 64
Avg. PPSF: $1,429
Avg. Sale Price: $1,551,575
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#9. Maverick Chelsea, 215 West 28th Street, Chelsea
Availabilities from $1,495,000
Aggregate Sales: $85,680,376
Total Units Sold: 42
Avg. PPSF: $2,087
Avg. Sale Price: $2,040,009
#10. 111 West 57th Street, Midtown West
Availabilities from $6,995,000
Aggregate Sales: $71,297,770
Total Units Sold: 3
Avg. PPSF: $5,233
Avg. Sale Price: $23,765,923
Top 10 Manhattan Residential Buildings by Contracts Signed
#1. The Cortland, 555 West 22nd Street, Chelsea
Availabilities from $2,750,000
Aggregate Ask Price: $160,096,462
Contract Count: 31
Avg. Ask PPSF: $2,649
Avg. Ask Price: $5,164,402
#2. Beckford Tower, 301 East 80th Street, Yorkville
Availabilities from $7,400,000
Aggregate Ask Price: $89,490,000
Contract Count: 10
Avg. Ask PPSF: $2,854
Avg. Ask Price: $9,849,000
#3. 35 Hudson Yards, Midtown West
Availabilities from $6,135,000
Aggregate Ask Price: $50,750,000
Contract Count: 2
Avg. Ask PPSF: $5,304
Avg. Ask Price: $25,375,000
#4. 111 West 57th Street, Midtown West
Availabilities from $6,995,000
Aggregate Ask Price: $50,040,000
Contract Count: 9
Avg. Ask PPSF: $2,860
Avg. Ask Price: $5,560,000
#5. Lantern House, 515 West 18th Street, Chelsea
Availabilities from $2,225,000
Aggregate Ask Price: $34,007,239
Contract Count: 17
Avg. Ask PPSF: $2,014
Avg. Ask Price: $2,000,426
#6. One Manhattan Square, 252 South Street, Lower East Side
Availabilities from $1,230,000
Aggregate Ask Price: $33,849,999
Contract Count: 6
Avg. Ask PPSF: $2,526
Avg. Ask Price: $5,641,667
#7. 200 Amsterdam, 200 Amsterdam Avenue, Lincoln Center
Availabilities from $3,100,000
Aggregate Ask Price: $28,735,000
Contract Count: 10
Avg. Ask PPSF: $1,873
Avg. Ask Price: $2,873,500
#8. One United Nations Park, 695 First Avenue, Murray Hill
Availabilities from $2,350,000
Aggregate Ask Price: $26,000,000
Contract Count: 1
Avg. Ask PPSF: $3,182
Avg. Ask Price: $26,000,000
#9. FÖRENA, 540 Sixth Avenue, Chelsea
Availabilities from $1,575,000
Aggregate Ask Price: $24,260,000
Contract Count: 10
Avg. Ask PPSF: $2,201
Avg. Ask Price: $2,426,000
#10. The Park Loggia, 15 West 61st Street, Lincoln Center
Availabilities from $2,200,000
Aggregate Ask Price: $23,680,000
Contract Count: 5
Avg. Ask PPSF: $2,780
Avg. Ask Price: $4,736,000
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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