While it seems like every block in the city is host to a construction site throwing up some luxury condo building or pricey rentals, not all of these developments are created equal. Following up on their last infographic which rounded up the city’s top five most expensive new developments, the data gurus over at CityRealty have culled an even more extensive list which pinpoints the 12 priciest structures going up right now. While the number of zeros that follow their combined $20,000,000,000 sellout will make your head hurt, what’s even more mind-boggling is that these 12 buildings alone will count for nearly HALF of the money that’ll be generated by the 200+ condo projects underway in Manhattan.
Six months may not seem like a long time, but a lot can happen in the Manhattan building market in 180 days, which is why CityRealty has released its new CR100 report, “an index comprised of the top 100 condominium buildings in Manhattan.” The data tracks the performance of these buildings through the second and third quarters of 2015, and, not surprisingly, One57 has come out on top. The Billionaires’ Row powerhouse has surpassed long-time leader 15 Central Park West as the most expensive condo on the island, coming in at $6,010 per square foot over the past 12 months, as compared to 15 CPW’s $5,726. It also steals the spotlight for the majority of the last six months’ most expensive sales.
It’s projected that over the next five years, new development sales in Manhattan condos will total $27.6-$33.6+ billion, but this sky-high figure is heavily skewed by prices in just five buildings. These luxury towers will account for one-third of the total projection. Three of the buildings — 432 Park, 220 Central Park South, and 550 Madison Avenue (the former Sony Building) — are located on billionaires’ row and are expected to bring in a whopping $8 billion. The Greenwich Lane and 10 Madison Square West will also likely bring in close to $1.5 billion each. Along with this boost from the upper end of the market comes a trend where fewer units are selling, but prices are shooting up.
15 Central Park West has held strong as the most expensive condo building in New York City for the last two quarters, according to CityRealty. But while perusing their latest report we were led to their dynamic CR100 building list which reveals that…. wait for it… One57 is, as we speak, the most expensive building in the city.
With an average closing price of $6,703 per square foot, this building boasts a per-square-foot premium of $286 per square foot over its predecessor, 15CPW. Units currently up for grabs also top the charts at an incredible $6,719 per square foot.
Even with the thousands of new residential units that have hit the market in the last year, there are still a handful of tried-and-true properties in Manhattan that will always be coveted by the rich, the famous, and those who just wish they were rich or famous. So which properties sit at the top of this list? We turn the CityRealty 100 for the low-down on what buildings have outdone all of the rest. Their latest report tracks the performance of Manhattan’s top 100 condo buildings through the second quarter of 2014.