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Report: Ultra-Luxe Condo Sales Market Dominate NYC Market

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Report: Ultra-Luxe Condo Sales Market Dominate NYC Market

A new CityRealty report says prices on NYC apartments are shooting up, even while the number of units selling falls. Just five high-end developments will account for a full third of the estimated $30B in sales projected into 2019, the report says. "The prices that are coming in for these limited new units are astronomical even for New York, and we don’t expect that to let up in the next five years," CityRealty’s Gabby Warshawer tells Business Insider. Because of expensive outliers like the uber-luxe towers along 57th Street, the report says, the price per square foot for units in Manhattan doubled between 2013 and 2015, with new-to-market units in the city projected to hit an average price of $5.9M, also around double the number from just two years ago. [BI]

Related Topics: CityRealty, Ultra-Luxe