Manhattan Residential Sales Fewer in Number, But Higher in Price
- Apr 06, 2016
New York—CityRealty, in its most recent monthly report on Manhattan residential property sales, reports that the average price of a condo in the borough was $3.2 million in March, and the average price of a co-op was $1.3 million. There were 397 condo sales and 421 co-op sales during the month.
The average price for an apartment—taking into account both condo and co-op sales—was $2.3 million, up from $2.1 million the preceding month. The number of recorded sales, 818, represented a drop from the 894 recorded in February and was down substantially from the 1,020 sales recorded two months ago.
Downtown was the highest-grossing neighborhood, with $575 million in condo sales, followed by Midtown. Downtown also had the highest price per foot, coming at $2,228/square foot.
The top three sales last month were all in new-development condos, including the Whitney Condos, the Puck Penthouses, and 432 Park Ave. The very top sales was a penthouse unit in the Whitney, the report noted: PH3. That five-bedroom, five-bath unit measuring more than 6,300 square feet fetched $31 million.
The report also noted some celebrities that either bought or sold Manhattan properties during the month. For instance, movie star Richard Gere bought a condo at 34 Gramercy Park East for $2.25 million, while TV star Michael C. Hall (Dexter, Six Feet Under) bought a unit in the new Greenwich Lane property at 160 W. 12th St. for $4.3 million, though he put it on the rental market for $15,000 a month.