Price of Manhattan apartments reach new record high

Taylor Scott International News

The average price of an apartment in New York’s sought after Manhattan sector reached a record US$1.9 million in May, the latest research data shows. This was up from US$1.8 million in the previous month while the total number of sales was virtually unchanged at 876 for the month, according to the report from City Realty. The firm says that May was the priciest month in NYC real estate history with Downtown seeing the most expensive sales. Overall the average price of a condo was uS$2.5 million and the average price of a co-op was $1.4 million. There were 367 condo sales, up from 365 in the preceding month, and 509 co-op sales, down from the 515 recorded in April. The top sale was for a 12th floor unit in the Soho condominium The New Museum Building, at 158 Mercer Street. The 7,837 square foot apartment, which has five bedrooms and five bathrooms, sold for US$34 million, or $4,338 per square foot. The second highest sale was for a 6,000 square foot penthouse unit in the condominium at 737 Park Avenue which sold for US$32.7 million, or US$5,440 per square foot. The third top sale was a four bedroom co-op at 778 Park Avenue that sold for US$28.5 million. Downtown was the highest-grossing region in Manhattan, with $323 million in condominium sales. Midtown was the second highest grossing area, with $227 million in sales. Downtown also had the highest price per square foot at US$1,982, which was virtually unchanged from the prior month, and the Upper East Side had the second highest at US$1,788. Continue reading →

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