Sales Of $10M+ Manhattan Apartments Fell 14% Last Year
The record-breaking levels reached for Manhattan apartment prices last year did not translate into increased volume for luxury apartment sales.
In 2015, 177 units priced at $10M or more sold in Manhattan, The Real Deal reports. That’s a 14% drop from the record 205 units sold at that price point in 2014. While units priced at $10M and up account for only 1.4% of total apartment sales in the borough, they account for 14.4% of dollar volume, according to the Wall Street Journal.
The biggest decline in luxury apartment transactions came in older co-op buildings, with 46 units sold in 2015 compared to 61 in 2014, a 25% drop. Traveling further north up the price point chart, units priced at $20M or more decreased from 48 in 2014 to 44 last year, while five units priced at $50M or more sold last year, only one less than 2014.
We’ll have to wait and see what 2016 holds for the world of Manhattan luxury apartment sales, but with several new supertalls scheduled to deliver in 2016 and beyond, chances are we’ll see a jump in interest in Manhattan's richest apartments. [TRD]