The Real Deal New York

Sales of $10M-plus Manhattan apartments surge

Pace of 56 sales in first three quarters of year is triple the eight-year average
December 02, 2014 04:40PM

The number of Manhattan condominium and co-op units that sold for $10 million has skyrocketed so far this year, according to data from real estate appraisal firm Miller Samuel.

The first three quarters of 2014 saw the closing of 56 apartment sales for $10 million or higher. This is triple the eight-year average through last year. Between 2006 and 2013, 21 Manhattan apartment sales in the $10 million-plus threshold closed.

Jonathan Miller of Miller Samuel said in a Curbed column there are several apartments in contract that could further boost the year-end total. He expects a large proportion of sales for $10 million and up to close by 2016.

“This recent phenomenon could be an historical outlier or the beginning of a new market segment,” Miller wrote. “I suspect it is somewhere in between.” [Curbed]Mark Maurer