The Related Cos. High Line condo on 520 West 28th Street. All photos courtesy of CityRealty.
CityRealty recently came out with the latest Year-End Manhattan Market Report to summarize the total sales and price averages for 2016 and predict what’s to come in 2017, based on market information up until Nov. 30, 2016.
Key highlights from the report show that Manhattan real estate prices continued to grow in 2016, setting new records. For the first time, the average price for apartments, both cooperative housing units (co-ops) and condos, was above $2 million. As of November 2016, the average sales price reached $2.2 million, beating the previous record of $1.9 million from 2015. The median sales price of apartments overcame records as well with a 9 percent increase from last year, rising from $1.1 million to $1.2 million.
Condominiums specifically had their average price reach an all-time high at $3.1 million, up from 2015’s record of $2.6 million. And while the average prices for co-ops dropped slightly, the median price of $825,000 rose from last year’s, which was $785,000.
When it came to the most expensive condo buildings, 15 Central Park West was the one to triumph. Though only sales were made over the year, units were selling for an average of $6,277/ft2.
In sales based on region, 47 percent of units were sold in the Downtown area, a majority in Tribeca, making over $7 billion in the area. Condo prices in Midtown East, however, rose 60 percent in 2016, the highest than any other neighborhood. This increase was largely to do with the sales of apartments at 432 Park Avenue.
In the top 25 sales by closing price of 2016, units at 432 Park Avenue made up a majority with 13 sales, 3 of those being at the peak of the list, and had the highest sale of $87.66 million.
In regards to new development condominiums, sales increased dramatically. The projected amount of new development sales for 2016 was 1,800, surpassing 1,464 closing sales from 2015. A majority of these developments were also found to be in the Downtown area and made $4.2 billion in sales. The average price of new development made a record as well, reaching $4.9 million, which was up from its previous record from 2014.
CityRealty’s blog, 6sqft.com, also hosted a vote for what readers considered the Building of the Year. The Related Cos. High Line condo, being constructed on 520 West 28th Street, was 2016’s Building of the Year winner and was designed by the late architect Zaha Hadid. This building beat out the American Copper Buildings at 626 First Avenue.
Looking ahead, it is projected that though the average price of Manhattan apartments has grown, the average price will stay relatively unchanged this year, based on price trends over the past 10 years. It is also forecasted that while average prices of condos will fall slightly this year, dropping to a possible $2.9 million, the average price of co-ops may rise to about $1.4 million.