Looking Back and Forecasting What’s to Come in the 2015 NYC Real Estate Market

Posted On Thu, January 1, 2015 By

Posted On Thu, January 1, 2015 By In Features, real estate trends

It’s that time of year when we take a look back at the biggest stories of the year and look ahead at what’s to come. And if 2014 was the year of the ultra-luxury listing, 2015 shows no sign of cooling down.

This past year saw major increases from 2013, with $16.8 billion in residential sales, over 17 percent of which was accounted for by purchases over $10 million. Plus, the top 25 sales of the year all closed for over $25 million. News of big sales at One57 will likely continue, with 520 Park Avenue vying for the title of most-talked-about building. We’ll also start hearing more from 30 Park Place, 432 Park Avenue, and the Woolworth Residences. To help you visualize all of these high-rolling record setters and predictions, the folks at CityRealty have put together some handy charts and infographics.

2014: Top 25 Sales by Closing Price

2014 top sales by closing price

One57 holds the most spots on the 2014 list of top 25 sales by closing price, and on Tuesday a $52.9 million sale came through the pipeline, making it the third highest sale on the list. Billionaire Israel “Izzy” Englander made headlines in September when he bought a $71.3 million pad at 740 Park Avenue, the most expensive co-op sale ever. Englander broke the record less than three months after Nassef Sawiris, the richest man in Egypt, grabbed the title for his $70 million purchase at 960 Fifth Avenue.

2014: Top 25 Condo Buildings

2014 top condo buildings by gross sales
Top 25 buildings by gross sales

2014 top condo buildings by price per square foot
Top 25 buildings by square foot

We’ve broken down the top 25 condo buildings by gross sales and price per square foot. One57, the city’s most expensive condo building, took the top spot for gross sales, but celebrity favorite 15 Central Park West leads the pack for average price per square foot.

Looking Ahead: Notable Listings/In-Contract Deals and New Developments

2015 New Developments on the MarketNew developments on the market

2015 top listingsTop 25 notable condo and co-op listings/in-contract deals

One thing’s for sure, 2015 will be the year of the penthouse, with the $130 million penthouse at 520 Park Avenue grabbing the title of city’s most expensive. It’s being called the greatest apartment on the Upper East Side and will measure 12,394 square feet, spanning the building’s top three floors. The second penthouse on the list is at (surprise surprise) One57, in contract for $90 million. This unit made headlines when hedge fund manager Bill Ackman told the Times about his plans to flip the 13,500-square-foot duplex, which he referred to as the “Mona Lisa of apartments.” Jets owner Woody Johnson also made a splash when it was revealed that his co-op at 834 Fifth Avenue was in contract for $80 million, which briefly held the record for highest projected sale.

2015 condos plannedMajor condo developments on the boards

2015 top developments
Top 25 new developments by price per square foot

Though none of the condo developments on the boards will be completed until 2016 at the earliest, we can’t help but hope that we’ll be treated to some interior renderings or floorplans in 2015. It’s also safe to assume that 57th Street will be the city’s hottest new address and the race to build the city’s tallest building will continue well into the new year.

What else do you think we can expect to see in the NYC real estate market in 2015? Tell us in the comments!

NOTE: 2014 data through Sep 30, 2014

[Via CityRealty]

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