CityRealty's monthly rundown of the Manhattan residential real estate market.
The average price of a condo was $3.4 million and the average price of a co-op was $1.4 million. There were 332 condo sales and 414 co-op sales.
The average sales price of Manhattan apartments increased in the four weeks leading up to December 1, while the number of sales decreased. The average price for an apartment - taking into account both condo and co-op sales - was $2.3 million, up from $2.1 million the prior month. The number of recorded sales, 746, was down from the 807 recorded in the preceding month.
Downtown was the highest-grossing region in Manhattan, with $632 million in condominium sales. Midtown was the second highest-grossing area, with $219 million in sales. Downtown also had the highest price/ft2, $2,284/ft2, while Midtown had the second-highest, $1,909/ft2.
New development condo prices averaged $2,540/ft2 this month, compared to $1,693/ft2 for non-new development condominium sales. While the average price went down slightly this month, the number of sales was up. There were 101 new development sales this month, compared to 89 in the prior month. The price/ft2 of new apartments was 30% higher than it was a year ago, when it was $1,947/ft2, but 1% less than it was last month, when it was $2,569/ft2. The average price of a new condo in Manhattan this month was $5.9 million and the aggregate sales total of new developments was $594 million.
6sqft delivers the latest on real estate, architecture, and design, straight from New York City.
