15 CPW still NYC’s most expensive building; 56 Leonard joins lineup of 100 priciest condos

Posted On Wed, November 2, 2016 By

Posted On Wed, November 2, 2016 By In CityRealty, real estate trends

Even after countless big ticket closings at blockbuster buildings like 432 Park Avenue and The Greenwich Lane, the long-admired Robert A.M. Stern-designed, Zeckendorf-developed 15 Central Park West (15 CPW) remains king. According to CityRealty’s latest CR100 report—an index comprised of the top 100 condominium buildings in Manhattan—units in 15 CPW sold on average for $6,735 per square foot over 12 months, a number that is impressively higher than the index average of $2,824. Tribeca’s Herzog & de Meuron-designed “Jenga tower,” 56 Leonard also made its debut on the latest CR100, clocking an average price per square foot of $2,657.

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Trailing behind, with at least six closings each, were 432 Park Avenue, One57, The Plaza and Time Warner Center; 432 Park Avenue, in fact, saw the sale of 68 units over 12 months.

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CityRealty speculated in their last report that it might be difficult for 15 CPW to maintain its top spot given the addition of three high-profile condos to the list, which included 432 Park Avenue, The Greenwich Lane and 10 Madison Square West, however, with the exception of the last two quarters of 2015, where One57 rose to the top spot, 15 CPW remains steadfast. In fact, the Central Park tower has otherwise dominated the CR100 since the index was first conceived in 2013.

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Overall, average prices in the CR100 were up year-over-year ($2,824) by 20 percent, and the third quarter average ($2,897) revealed an all-time quarterly high for the index. The median price per square foot ($2,562) was up 18 percent from a year ago. CityRealty accredits the jumps to the high volume of very expensive closings seen at buildings like 432 Park Avenue and One Riverside Park. They also note that the numbers underscore the “continued popularity and desirability of buildings in the index.”

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