Average prices of apartments within the New York borough of Manhattan has, for the first time, breached the US$1 million mark, reported AFP citing CityRealty.
A study by CityRealty revealed that apartment prices in Manhattan soared by 60 percent during the last 10 years.
In fact, the median price, or the midpoint of all sales prices, now stands at US$1.1 million, while the mean price, or the average of all sales prices, is now at US$1.9 million.
For this year, CityRealty expects total real estate sales in Manhattan to reach US$24 billion.
Traditionally, Manhattan’s market is composed of co-ops, where apartment owners are shareholders with a voice in the corporation owning the building, and condominiums, in which owners have a right to use common areas but have less of a voice on building practices or rules.
While condos accounted for the bulk of new construction this year, 57 percent of sales came from co-ops, with the rest accounted for by condo units.
The average psf price of a condo stood at US$1,732, up five percent from 2014, while new construction carries a higher psf price at US$2,073. CityRealty offered no corresponding data for co-ops.
Meanwhile, apartments at some sought-after addresses fetch a much higher price. The 26 apartments sold at the One57 development, for instance, had an average psf price of US$5,149.
The six apartments sold at 15 Central Park West, Manhattan’s most expensive address, carried an average psf price of US$6,292.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
