01 Jul Report: Average Price of a Manhattan Apartment Has Reached a Record $1.872 Mill
The staggering price is 8 percent higher than last quarter’s $1.732 million, and 11.4 percent more than last year’s second quarter, when the average apartment-sale price was $1.68 million, according to the market report from Douglas Elliman.
At the same time, sales are down 20 percent, from 3,342 in the second quarter of 2014 to 2,674 in the comparable period this year.
“The demand is still high but inventory is low,” said analyst Jonathan Miller, who prepared the report.
Apartments are in such high demand that 50.5 percent of all sales this quarter sold at their asking price or higher, Miller told The Post.
The soaring average sales prices can be attributed in part to Wall Street bonuses, which are at their highest since 2007, said Elliman’s chief executive officer, Dottie Herman.
New York City’s economy, driven by the booming tech sector and, again, by Wall Street, is also strong.
And, unlike in past years, the record-breaking average prices are attributable not mostly to sales in a few “billionaires’ buildings” — but to “high sales across the board, at all price points,” Miller added, “thanks to a vibrant economy and rapid job growth.”
Some properties in Manhattan have been going for astronomical prices in recent months.
In June, French-born financier Raymond Svider bought a $32 million penthouse at Harry Macklowe’s 737 Park Ave.
A Saudi billionaire is in contract to buy New York City’s second-most-expensive condo — a $95 million penthouse-in-the-sky.
Fawaz Al Hokair, a retail/real-estate kingpin worth an estimated $1.37 billion, reportedly signed a contract for the lofty unit at 432 Park Ave. in 2013, the Real Deal reported.
via NYPost | Lead image: Shutterstock