The Median Condo Price in Manhattan is Over $1M for the First Time Ever
Manhattan’s projected median residential sale price for 2015 is $1.1M, according to a new report from CityRealty. It’s the first time that figure’s been above $1M, and it represents a hefty 11% jump from last year’s $970k.
Records broke all over the place, with the average apartment sale price hitting $1.9M, and the average condo price per SF coming to $1,732. Residential closings were down slightly from last year, but new development condo sales in the borough were way up in 2015—projected to reach $5.2B, up from $4.1B last year.
The biggest cash cows weren't the most buzzed-about buildings this year, despite some marquee closings like a 13,544 SF unit at One57 that sold for a cool $91.5M. Units in the $1M to $4M range brought in $10.7B, while those priced at over $10M saw just a $3.6B total take—down from an even $4B last year. (There weren't any $100M+ sales in the city this year; the last of those to close was a One57 penthouse that closed last December.)
The data don't include buildings north of 96th Street on the East Side, above 110th Street above Central Park, and above 125th Street west of the Park.