Manhattan downtown

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The average price per square foot of CityRealty.com’s top 100 condo properties in Manhattan — known as the CityRealty 100 — has increased at a higher rate than the S&P 500 and crude oil over the last decade. It managed to even outpace the growth of wealth in Forbes’ top 100 billionaires, according to a new report by real estate data site CityRealty.com.

In order to determine what buildings are used in the index, CityRealty.com looked at a building’s sales history, as well as the building’s rating on its site.

Over the last 10 years, the average price per square foot for properties in the index have increased at a Compound Annual Growth Rate (CAGR) of 7.4 percent per year. CAGR measures growth over a period of time. It can be thought of as the rate of growth that gets you from year one’s value to, in this case, year 10’s value.

Meanwhile, the S&P 500 recorded a CAGR of just 5 percent annually. The CAGR of Manhattan’s price per square foot was well above the -3.4 percent annual CAGR of crude oil. Even the wealth of the top 100 billionaires in Forbes magazine couldn’t keep up at just 6 percent annual CAGR of their wealth, says CityRealty.com’s data.

Of the markets studied, only gold managed to outpace the CAGR of Manhattan’s top condos. Over the 10 year period, gold recorded a CAGR of 8.2 percent.

This new report tracks the performance of the CityRealty 100 from April 1st, 2016 through September 30th, 2016.

During that time, the average price per square foot of the 100 top condos increased 20 percent from last year to $2,824. The $2,897 price per square foot recorded in the third quarter of 2016 was in fact an all-time quarterly high for the index.

Meanwhile, the median price per square foot increased 18 percent from the previous year to $2,562 in the 100 top Manhattan condos.

According to the real estate site, prices rose in part “because of the dozens of closings recorded in the very expensive new development 432 Park Avenue, as well as continued high prices in properties such as 15 Central Park West and the Time Warner Center.”

To view the entire CityRealty.com report, click here.

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