For the first quarter of 2020, the average sales price of apartments in Manhattan declined by 10% when compared to the first quarter of 2019. The number of recorded sales fell marginally (-1%) to 2,186 recorded transactions. The average sales price for all residential units, excluding townhouses was $2 million, down from $2.2 million in Q1 2019. The average price of a condo was $2.79 million and the average price of a co-op was $1.45 million. There were 916 condo sales, 1,242 co-op sales, and 28 condop sales in the quarter.
The data shown represents residential apartment closings in Manhattan occurring between January 1, and March 31, 2020. The geographical area covered is Manhattan south of 110th Street/Cathedral Parkway on the west side and south of 96th Street on the east side.
The data shown represents residential apartment closings in Manhattan occurring between January 1, and March 31, 2020. The geographical area covered is Manhattan south of 110th Street/Cathedral Parkway on the west side and south of 96th Street on the east side.
In this article:
The total dollar amount of residential sales in Manhattan fell to the lowest in recent years during the first quarter of 2020. There were 2,422 condo, co-op, and condop units closed aggregating to $4.56 billion in sales. The total number of transactions was down 11%
compared to 4Q 2019 but was flat when compared year-over-year to the first quarter of 2019. The building with the most aggregate sales recorded was 53W53, which saw $175 million in sales over 33 closings. The next two top closers were the nearby Billionaires' Row towers of 220 Central Park South andThe Park Loggia .
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The three most expensive sales of the quarter were all at the southern end of Central Park. The Vornado Realty-developed 220 Central Park South continued its 2019 run into 2020 with five 8-figure deals, two of which were the period's most expensive. The Robert A.M. Stern-designed building had a pair of four-bedroom condos claim the top two spots, with unit #62 closing at $52,185,313 ($8,793 /ft2) and unit #61 coming in at $51,421,625 ($8,793 /ft2). The unidentified buyer of the later unit made the purchase back in March 2015.
The third most expensive sale of the month was The Mandarin Oriental's #75AB, a five-bedroom, five-and-a-half-bath duplex that was signed in contract in mid-December 2019.
The third most expensive sale of the month was The Mandarin Oriental's #75AB, a five-bedroom, five-and-a-half-bath duplex that was signed in contract in mid-December 2019.
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