Last July, the average Manhattan sales price hit a record of $1.8 million, which signaled it was only a matter of time before it crossed the $2 million mark for the first time ever. Eight months later, that’s exactly what’s happened, notes DNAinfo. According to Douglas Elliman’s 2016 first quarter Manhattan sales report, the average sales price climbed $2,051,321, a five percent increase from 2015’s fourth quarter average of $1.9 million and an 18 percent increase from the same time last year when the average was $1.7 million. Additionally, the average price per square foot is now $1,713, a 35.6 percent from last year. The rise is attributed to limited resale inventory and increased closings in new developments, further evidenced by the fact the average sales price in this high-end market is $3.9 million, and the number of closings nearly doubled over the past year. And when we look at the luxury market, average sale prices hit a whopping $8.3 million.
NYC real estate records
The second-quarter market report from Douglas Elliman is fresh off the presses, and it shows that Manhattan sales have never been more expensive, averaging $1.87 million for all apartments, which is an 11.4 percent jump from this time last year. New developments averaged $2,011 per square foot, which is the first time ever prices have exceeded the $2,000 per square foot mark. Other records set during this quarter are for median co-op sale price ($795,000, up 9.7 percent from last year) and average price for luxury apartments ($8.2 million, up 12.8 percent from last year).
Yesterday we learned that the average Manhattan sale price reached an all-time high in 2014, climbing to $1,718,531 and surpassing the pre-recession record of 2008. We weren’t totally surprised, considering the past year’s slew of new, high-end developments. We predict that this trend will continue into 2015, with even more luxury listings hitting the market. But what do you think? Was 2014 a fluke, or is it nothing compared to what 2015’s going to bring?
According to Douglas Elliman’s fourth-quarter sales report, 2014’s average sale price climbed to a new record high of $1,718,531, surpassing the pre-recession record of 2008. Plus, the fourth quarter had the second-highest sales volume in 25 years with 2,718 closed sales (the highest was in 2013, with 3,297 closed sales).
What’s to thank (or blame, depending on your feelings)? Jonathan Miller, author of the report and president of real estate appraisal firm Miller Samuel, told Curbed “Prices are up for two key reasons. New development contracts from the past few years are beginning to close, and new development is skewed towards high end. Plus, inventory is up 20 percent from last year’s 15-year record low but most of that increase is from new development.”
Real Estate Wire: Paris Hilton Buys Noho Penthouse; $51M Tribeca Condo Could Set Downtown Sales Record, Thu, November 13, 2014
- Paris Hilton buys a $5 million Noho penthouse at 738 Broadway. [TRD]
- A crazy waterfront compound in Brooklyn’s Mill Basin drops its price from $30 million to $17 million. [Curbed]
- Developers are offering to build a high-tech elementary school at Sunset Park’s forthcoming mega complex. [Brooklyn Paper]
- Bed Stuy is getting two Karl Fischer-designed apartment buildings. [Brownstoner]
- Triplex condo at Tribeca’s new 443 Greenwich Street could set the record for priciest pad below Canal if it gets the $51 million asking price. [Daily News]
- A map that shows where NYC municipal employees live. [Gothamist]
Images: 738 Broadway penthouse via Douglas Elliman (L); 443 Greenwich Street (R)
New York City may have an ever-revolving cast of hottest restaurants, hippest clubs, and even most desirable neighborhoods, but some real estate titans never go out of style in this metropolis. Known as the “Tower of Power,” 740 Park Avenue is one such mainstay.
The Upper East Side 19-story, Art Deco building was completed in 1930 to the designs of Rosario Candela, often considered the finest architect of luxury apartment interiors, as the last of the grand dames erected along Manhattan’s Gold Coast. It didn’t reach its peak until the real estate boom of the 1980s, but is today one of the most sought-after addresses with 31 apartments, mostly all duplexes, triplexes, and penthouses. The massively scaled residences feature grand living rooms, formal dining rooms, spiral staircases, high ceilings, expansive foyers, and an abundance of windows.