The Real Deal New York

Cost of new housing in Manhattan leaped 72 percent last year

January 05, 2014 11:00AM

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A rendering of 432 Park, a new luxury development along Central Park

WEEKENDEDITION Don’t count on any relief from sky-high prices in Manhattan. Experts say that despite a median sale price for new luxury homes that jumped 72 percent — to $7.85 million — in the last year, prices are only going to grow.

“Even though the prices have risen, they expect them to rise even more. They are very confident,” Dottie Herman, president and CEO of Douglas Elliman, told the New York Post. “The high-end buyers are the ones who really follow the market. They are real-estate junkies.”

The Post defines the luxury market as the top 10 percent of all co-op and condo transactions.

“There is a high demand for large apartments. It has never been more apparent than now,” Pam Liebman, CEO of Corcoran, told the Post. “The luxury market has been well served by smart developers who are catering to this niche market — and the trend will continue.” [NYP] Christopher Cameron

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