TRD Pro: Top Manhattan neighborhoods for home sales

Five eclipsed $500M in volume last quarter, and Tribeca’s average was highest

Upper West Side’s 378 West End Avenue and Alchemy Properties’ Kenneth Horn (378 WEA, Alchemy)
378 West End Avenue and Alchemy Properties’ Kenneth Horn (378 WEA, Alchemy)

The following is a preview of one of the hundreds of data sets available on TRD Pro — the one-stop real estate terminal that provides all the data and market information you need.

The top 10 Manhattan neighborhoods by home sales volume reached great heights, totaling $5.14 billion across 2,749 deals recorded in the third quarter of 2022.

That averages out to $1.87 million per home — townhouses, condos and co-ops — for the 10 enclaves. Large purchases inflate the average; the median sale price in the third quarter was undoubtedly less. (In the previous quarter the median was $1.2 million, according to PropertyShark’s Manhattan Real Estate Market Trends report.)

Most of the top deals were brokered by the power players of the industry: the Corcoran Group, Compass, Douglas Elliman, Brown Harris Stevens and Sotheby’s International Realty. Other big transactions, including one at Ken Horn’s 378 West End Avenue, were sold in-house by the developer.

To compile the ranking, The Real Deal analyzed the top transactions recorded in New York City from July 1 to Sept. 30. Any transactions that closed but were not recorded in ACRIS during that time were not included.

Below are 10 tables. Click the corresponding buttons to toggle the chart to see the five most expensive sales in each of the top 10 neighborhoods.

For a complete list of top Manhattan sales, visit the TRD Pro dashboard.

No. 1: Upper West Side | $907.9 million | 518 transactions

With nearly $1 billion in sales, the Upper West Side topped the third-quarter ranking. The neighborhood also eclipsed the field in the number of recorded transactions with 518. But its average sale price, $1.75 million, was behind that of several other areas.

The top sale was at Alchemy Properties’ 378 West End Avenue condo, where unit 15A fetched $25.9 million in a sponsor sale. The apartment, which was sold for the developer by Alexa Lambert and Marc Achilles of Compass, has a 7,500-square-foot interior and six bedrooms. That works out to $3,460 per square foot.

COOKFOX Architects designed the 18-floor tower, which spans nearly 170,000 square feet of gross floor area.

No. 2: Lenox Hill | $746.4 million | 318 transactions

Lenox Hill followed with nearly $750 million across 318 sales. The top deal for the quarter was a NYC co-op record $101 million for Unit 11PH at 4 East 66th Street.

The unit belonged to the estate of the late Microsoft co-founder Paul Allen, who bought it in 2011 for $25 million. The Corcoran Group’s Betsy Messerschmitt was the listing agent on the sale, which included the penthouse and another unit on the co-op’s fourth floor.

The outsize sale helped Lenox Hill’s average price to $2.35 million, also good for second place.

No. 3: Upper East Side | $575.8 million | 332 transactions

The top sale on the Upper East Side was 10 East 76th Street, which went for $27 million three years after its initial listing. Sehant was the brokerage and investor Claudio Guazzoni de Zanett was the seller.

The property, which was 12,000 square feet among three units, has a rich history. Built in the late 19th century, it was first home to a former Civil War brigadier general.

No. 4: Tribeca | $568.7 million | 158 transactions

Tribeca trailed the Upper East Side by less than $10 million despite having half as many transactions for the quarter, thanks to a whopping average price of $3.6 million.

The priciest sale was 25 North Moore Street’s super unit, 16ABC, at $21.7 million. It did not take long for listing broker Matthew Coleman of Coleman Real Estate to move the 7,000-square-foot home: It sold in May, a month after it was listed. That’s about $3,142 per square foot.

The building, constructed in 1924 and dubbed the Atlanta, was converted to a full-service loft condo from a refrigerated warehouse in the early 2000s.

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No. 5: Lincoln Square | $526.2 million | 338 transactions

The fifth neighborhood to exceed half a billion dollars in sales is Lincoln Square.

The top transaction in the quarter was at the famed 15 Central Park West, where unit 11D sold in an off-market transaction for $28 million. Affectionately dubbed “Limestone Jesus,” the building was developed by brothers Arthur and William Zeckendorf and has been a strong performer across NYC condos, fetching over $6,000 per square foot pre-pandemic.

No. 6: Chelsea | $413.4 million | 257 transactions

The top deal in Chelsea was penthouse unit 23 at the Jean Nouvel Tower, 100 11th Avenue, a 21-story condo developed by Cape Advisors.

The 4,700-square-foot condo unit was a resale for $21.1 million, bought by Emmy Award winner Hugh Jackman. The unit was originally listed at $25 million. Douglas Elliman’s Noble Black was the broker.

No. 7: West Village | $409.5 million | 199 transactions

The West Village placed seventh despite its average sale being a healthy $2.1 million. The top sale occurred at 228 West 11th Street, a nearly 6,500-square-foot townhouse with six bedrooms and five bathrooms.

According to a recent TRD report, the home has exceptionally low real estate taxes — around $36,000, well below buildings with similar market values.

David Kornmeier of Brown Harris Stevens listed the home, which last sold in 2014 for $19.3 million and before that, in 2004 for $8.8 million.

No. 8: Greenwich Village | $355.7 million | 191 transactions

Greenwich Village’s sales volume was propped up by the resale of penthouse 2 at 160 West 12th Street, the Greenwich Lane Condominiums.

The Corcoran Group’s Chris Kann listed the property, which has 3,905 square feet of interior space.

According to the site’s description, the building’s amenities include a 5,000-square-foot gym, a swimming pool and a 21-seat screening room.

No. 9: Yorkville | $345.6 million | 285 transactions

Yorkville’s top sale was also a penthouse unit, PH29 at 301 East 80th Street. Douglas Elliman’s Barbara Russo and Danielle Englebardt were on the listing. The sponsor condo unit sold for $25.2 million, a touch more than its original price of $25 million in its 2019 offering plan.

The unit spans 6,500 square feet and has 13-foot high ceilings, six bedrooms and seven and a half bathrooms.

The architect is Studio Sofield and the developer is Icon Realty Management.

No. 10: Carnegie Hill | $295.7 million | 153 transactions

Carnegie Hill posted nearly $300 million million in sales despite having just 153 deals in the quarter.

The top one was 1175 Park Avenue, 4A. The co-op unit drew $7.9 million, with Coldwell Banker Warburg’s Wendy Greenbaum as the listing broker.

The tower was built in 1925 and has nearly 50 apartments across 15 floors. Units typically sell for about $1,600 per square foot, and unit 4A was one of the tower’s most expensive sales in the past two years, according to CityRealty.