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]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

Supertall Assemblage Comes Together At Long-Vacant Midtown Site: The N.Y. Deal Sheet

Suburban D.C. County Weighs Microhousing As Affordability Salve

Fannie Mae, Freddie Mac Rewrite Underwriting Standards For NYC's Rent Freeze

RealPage Antitrust Case Ends With Nearly $360M In Settlements For Renters

ZOM Living Entity Files For Bankruptcy To Fund Fight To Overturn $323M Judgment

Golden Apartment Building Sells For $62M To Chicago Company

Banks Are Manhattan's Latest Hot Retail Tenant

New Student Housing Towers Lease Up Quickly In University City, But Developers Can't Build More

Nord Group's Lawyer Moves To Quit, Says Entities Can't Pay Him

Housing Completions Close To 40,000 As LDA Adds Major Site And CEO Departs

Voorhees Greenlights 178-Unit Office-To-Resi Conversion Amid Multifamily Boom

Battered Mortgage REIT Suspends Dividend To Preserve Cash