Manhattan’s “super prime” luxury condo developments, ranked

Knight Frank report identified those with the highest average price-per-foot

New York /
Nov.November 17, 2017 06:00 PM
knightfrank600

Location of “super prime” new developments in Manhattan (Credit: Knight Frank)

UPDATED: Nov. 27, 7:23 p.m: Uber luxury, meet super prime. At least that’s what Knight Frank is calling it, in a new report on the highest reaches of the condominium market.

Though high-end sales faltered in Manhattan after 2015, the development of some of the most expensive condo projects ever planned pushed forward, and there’s a new class of “super prime” developments already available or set to come online by 2020.

The most expensive of the crop is by far Vornado Realty Trust’s 220 Central Park South, with 90 apartments averaging $8,989 a square foot, according to the U.K.-based brokerage. Extell Development’s Central Park Tower, Zeckendorf Development’s 520 Park Avenue and CIM Group and Macklowe Properties’ 432 Park Avenue followed on the list, at averages of $7,024, $6,084, $6,026 a square foot, respectively. (432 Park however, was ranked based on closed sales, while the other properties were ranked based on asking price.)

At number five is the troubled 111 West 57th Street, where JDS Development and Property Markets Group put sales on hold and litigation abounds. The asking prices there average $5,753 a square foot.

The Bottom Five Included 70 Vestry Street, 53 West 53rd Street, 215 Chrystie Street, the Baccarat Hotel and Residences and, finally, Madison Square Park Tower, which has an average price per foot of $3,849, less than half the average price at 220 CPS, for example.

The report, co-authored by Jonathan Miller and Douglas Elliman’s Andrew Wachtfogel, said continuing global unrest could lead to further safe-havening of international money into New York City real estate. It’s a factor to watch over the next year, as either sales roll in or prices get cut. The authors also cited the falling U.S. dollar, which increases foreign buying power in New York.

Read the report here.


Related Articles

arrow_forward_ios
From left: 944 Fifth Avenue, 67-69 East 93rd Street and 15 East 88th Street (Google Maps)
Three Manhattan sellers aim high asking $25M+ for luxury pads
Three Manhattan sellers aim high asking $25M+ for luxury pads
FiDi condo supply is through the roof as workers delay office return. (Getty)
FiDi condo glut is through the roof
FiDi condo glut is through the roof
eXp CEO Glenn Sanford (eXp, iStock)
Virtual broker eXp Realty has another record quarter
Virtual broker eXp Realty has another record quarter
RSA's Joseph Strasburg and Judge Lawrence Marks (Getty, Strasburg via Jeffersons Siegel)
Landlord group challenges state eviction ban
Landlord group challenges state eviction ban
Redfin CEO Glenn Kelman (Getty, Redfin)
Pocket listings exclude minority homebuyers, Redfin CEO says
Pocket listings exclude minority homebuyers, Redfin CEO says
(378 West End, 300 West and 567 Ocean Avenue, Getty)
April was best month for new condo sales in 5 years
April was best month for new condo sales in 5 years
As the economy rebounds, rental prices are following suit. With the eviction ban recently overturned, that spells trouble for tenants who are struggling to make ends meet. (iStock)
Rents rise across country as economy rebounds
Rents rise across country as economy rebounds
Howard Lorber (iStock, Getty)
Elliman reports $14M quarterly profit, 65% revenue jump
Elliman reports $14M quarterly profit, 65% revenue jump
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...