By Dees Stribling, Contributing Editor
New York—CityRealty, a website that tracks multifamily properties in Manhattan, has released its semiannual CityRealty Report. The report found that during the six months from April 1, to September 30, 2015 a total of 438 apartments sold in buildings that are part of the CityRealty 100, which the company characterizes as the top 100 residential condo properties in the borough, based on a variety of metrics.
The average price per square foot for the sold properties was $2,384, which represents a year-over-year decrease of 8 percent. The median price per square foot was $2,121, a year-over-year decrease of 3 percent. The report attributes the drop to a lessening of sales in a single, highly expensive building: One57, which was completed in 2014. After a flurry of high-priced sales in the building, there was something of a slowdown.
In any case, according to the CityRealty Report, One57—at 157 West 57th Street in Midtown—has become the most expensive building in the city, surpassing 15 Central Park West. The average price per square foot for One57 during the past year was $6,010, compared to $5,726 per square foot at 15 Central Park West.
Other buildings in the very high priced category include the Residences at the Mandarin Oriental at 80 Columbus Circle, the Time Warner Center at 25 Columbus Circle, and the Walker Tower at 212 W. 18th St. Over the last 10 years, Trump International at 1 Central Park West has seen the highest compound annual growth rate in pricing, up 7.5 percent to $3,925 per square foot. Other high-growth buildings in the last decade have been 1 Morton Square, One Lincoln Square at 150 Columbus Ave. and the Time Warner Center.
According to the report, prices are expected to rise in the CityRealty 100 over the next year due to closings in new developments that have been added to the index—including 432 Park Avenue, The Greenwich Lane, and 30 Park Place. As investments, the buildings comprising the index have seen a 10-year compound annual growth rate of 4.5 percent, outperforming crude oil (for example) but lagging behind the S&P 500 and gold.