For the first time ever, the average sales price of an apartment in Manhattan is expected to touch $2 million, as reported by CityRealty, a real estate listings and data website for New York City.
The jump in sale price has come due to a rise in the price as well as sale of existing units and an increase in new developments. For instance, many of the units of condominiums valued at more than $10 million and 52 out of 75 units at the tower overlooking Central Park with price more than $10 million to $40 million have been sold. Also, developers have opened a 96-story tower, 432 Park Avenue which is marketed as the tallest residential building in the Americas.
However, the prices will be in check for 2017 as the expensive and large new buildings will be lesser in numbers.
As per the estimation done by CityRealty, the average co-op and condo price in Manhattan excluding Harlem and its nearby areas increased to $2.2 million. It was observed that the price of new condo units was unchanged compared to the price of existing one in the last 10 years but the prices of new developments has been increased during the same period.
Source: ET Realty