15CPW tops list of priciest luxury buildings

Ritzy tower on UWS averages $5,203 per sf
By Hayley Kaplan | August 22, 2013 09:35AM

UPDATE, 11:09 a.m., Aug. 22: The Upper West Side’s premier condominium, 15 Central Park West, had the priciest sales of any Manhattan luxury building for the year ending June 30, according to a debut report from real estate database CityRealty, released exclusively to The Real Deal.

The new report, which will be released bimonthly, tracks closed sales and listings based on the website’s existing CityRealty 100 Index, which is comprised of the top 100 luxury condo buildings in Manhattan, ranked by a variety of criteria selected by the firm’s executives. (The CityRealty 100 does not include co-ops.)

“Where everything else is looking at a market average, the CityRealty 100 gives you a picture of what’s happening at the premiere level of condos in the city,” said Pete Culliney, CityRealty’s director of research and analytics.

Some 147 condos at CityRealty 100 buildings were sold during the two-month period beginning May 1 and ending June 30. The average price per square foot of these sales averaged $1,901, a decrease of 0.7 percent year-over-year, the report shows.

With an average price per square foot of $5,203, 15 Central Park West landed at the top list; the Time Warner Center, at 25 Columbus Circle, and the Millennium Tower, at 101 West 67th Street, finished second and third, averaging $4,454 and $4,208 per square foot, respectively. In fourth place: the Park Laurel, at 15 West 63rd Street, with an average per-square-foot price of $4,068.

“The Park Laurel took a big jump over the last year,” Culliney said. “I’m sure we’ll see the Park Laurel tamper down in the next few months, but there’s been a good run of trades there.”

Overall, the most expensive individual Manhattan condo sale in the two-month period of May and June was Johnson & Johnson heiress Elizabeth Ross Johnson’s penthouse at Trump International Tower, which sold for $21.85 million.

On a price-per-square-foot basis, the most expensive unit to sell in May and June was also at 15 Central Park West. Unit 7K in the building sold for just $5.2 million but $5,073 per square foot.

Since 2003, the average sale price per square feet for properties in the CityRealty 100 has increased 6.2 percent annually, the report shows.

Correction: A previous version of this story incorrectly listed the Park Laurel as the most expensive Manhattan building.