Photo: Anthony Quintano/Flickr
The average sale price of a Manhattan apartment rose in November, after seeing a slight dip in October. But despite rising prices, the number of sales declined for the second straight month, according to a new report released by real estate data site CityRealty.com.
The average price for a Manhattan apartment, which includes both condos and co-ops, increased to $2.3 million in November, up from the previous month’s $2.1 million average price. The gross sales total of $1.7 billion remained unchanged from October, despite fewer total units being sold in November.
Manhattan condos sold for an average of $3.4 million in November, up from $3.1 million recorded the previous month. Meanwhile co-ops averaged $1.4 million, only slightly higher than the $1.2 million recorded in October.
New development condos in Manhattan sold for an average price of just under $6 million in November. This was up from the $5.2 million price recorded the previous month. Manhattan new development condo sales rose to 101 in November, compared to the 89 recorded in October. New developments made up 30 percent of all Manhattan condo sales in November, with the majority of new development sales located Downtown.
The month’s top sale was a condo in 432 Park Avenue on 57th Street, right in the middle of Billionaire’s Row — the stretch of 57th Street from Columbus Avenue to Park Avenue, home to some of the most expensive condos in Manhattan. The 8,055 square foot, five bedroom unit sold for $61 million, and is the building’s second most expensive sale.
Click here to view the entire report.