The Real Deal New York

7 things you need to know about Manhattan’s resi market

Median price hit $1.1M and new development closings shot up 60%

December 17, 2015 12:30PM
By E.B. Solomont

Clockwise from top left: One57, rendering of One Riverside Park, 834 Fifth Avenue and the Schumacher at 36 Bleecker

Clockwise from top left: One57, rendering of One Riverside Park, 834 Fifth Avenue and the Schumacher at 36 Bleecker

By the time the ball drops on Dec. 31, roughly $24 billion worth of Manhattan residential real estate will have traded hands, according to CityRealty.

In a year-end report, CityRealty said the median sale price is projected to hit a record $1.1 million in 2015, up from $970,000 in 2014. The average was no bargain either — at a record $1.9 million.

The 16-page report — with projections based on closed sales as of Nov. 30 — is full of fun facts about record prices, priciest neighborhoods and toniest buildings. We sifted through the data to give you these seven key ideas.

1. Condos were no bargain

The median condo sale reached a record $1.6 million, up from $1.5 million in 2014. Thirty-four percent of condo sales were Downtown, accounting for $4.2 billion in sales.

2. Buyers took their time

The number of units traded – 12,700 – was lower than last year’s 12,900. Co-ops saw 7,200 sales valued at $10 billion. Condos saw 5,500 sales valued at $14 billion.

3. At long last, the new condos were ready…

New condo closings will jump more than 60 percent to 1,340 in 2015, according to CityRealty’s projection, compared to 836 in 2014. But the average price of new units dropped to $3.9 million from $4.8 million in 2014.

Screen Shot 2015-12-17 at 10.16.37 AM

(Credit: CityRealty)

4. The luxury market showed its softer side
There were 190 sales over $10 million in 2015, down by 11 percent from 214 sales in that price range in 2014. But properties between $4 million and $10 million were booming, with $10.7 billion total sales compared to $10 billion last year.

5. Noho: where prices shot up the most

The neighborhood’s average price per foot shot up 27 to $2,583, a steeper jump than any other neighborhood. That’s largely because of Stillman Development’s Schumacher project, a 20-unit development at 36 Bleecker Street.

6. Even the priciest pad was only $91M

Last year, a buyer paid $100.5 million for a penthouse at Extell Development’s One57. The building took the year’s priciest sale this year, too, with hedge fund manager Bill Ackman’s purchase of a $91.5 million pad. Billionaire Len Blavatnick set a new co-op record at 834 Fifth Avenue, where he paid $77.5 million. (That deal was also the second-priciest sale of the year.

7. And in the building match-up, One57 wins again
Not surprisingly, One57 had $564.9 million in aggregate sales in 2015 the most of any building, followed by One Riverside Park with $315.9 million in sales. Fun fact: One57 had just 26 sales to One Riverside Park’s 122 transactions.

(Credit: CityRealty)

(Credit: CityRealty)

 

 

 

 

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