The CityRealty 100 is an index comprised of the top 100 condominium buildings in Manhattan. Several factors - including a building's sales history, prominence and CityRealty's rating for the property - are used to determine which buildings are included in the index. This report tracks the performance of those buildings through March 31, 2015.
During the six month period starting October 1, 2014 and ending March 31, 2015, 329 apartments were sold in buildings that are part of the CityRealty 100. The average price per square foot was $2,790, which represents a year-over-year price increase of 14%. The median price per square foot was $2,246. The most expensive sale during this period was a $100.5 million sale in One57. The sale of this 10,923 ft2 apartment set a record as the most expensive condo purchase ever recorded in New York City.
Since March 2005, the average price per square foot of properties in the CityRealty 100 has increased at a Compound Annual Growth Rate (CAGR) of 6.1% per year (non-inflation adjusted). This is slightly above the ten-year CAGR for the S&P 500 (+5.8%), and well above the CAGR for oil (-1.2%), which has experienced significant volatility in recent months. By contrast, the ten-year CAGR for gold (+10.8%), is well above the buildings covered in the CityRealty 100.
6sqft delivers the latest on real estate, architecture, and design, straight from New York City.
