Photo: Robert Clark
Manhattan condo sales were on fire in the second quarter of this year, surpassing the previous record set a year ago over the same period, according to a new report by New York brokerage CityRealty.com.
Condo sales in Manhattan totaled $5 billion in the second quarter of this year, besting the previous record of $4.8 billion set in the second quarter of 2016.
According to CityRealty.com, that equates to an astounding $55 million in sales daily — enough to fund 75 years of maintenance on Central Park, book 20,000 roundtrip flights to space on Virgin Galactic, or spend over 430 years in the most expensive suite at The Plaza.
“The record in aggregate sales can be attributed to brisk condo sales overall in Q2 as well as multiple closings in several new developments, including 56 Leonard Street, which saw $105 million in closings, and 443 Greenwich Street, which saw $56 million in closings,” Gabby Warshawer, CityRealty.com’s Director of Research, tells BuzzBuzzNews.
Manhattan condos averaged $3.2 million in June, says CityRealty.com. And while overall prices and sales have trended up in recent months, Manhattan’s luxury submarket — or, units priced above $2,000 per square foot — have seen monthly declines in sales over the last several months leading up to July.
And, while Warshawer says it’s too early to call declining sales a trend, it will be interesting to see if Manhattan’s condo sales can continue to break records in the third and fourth quarters of this year.
“We expect to see a large number of closings at other new developments contribute to the aggregate sales numbers in the third and fourth quarters, including Madison Square Park Tower and 520 West 28th Street,” Warshawer tells BuzzBuzzNews.
City-wide, home sales surged in the second quarter, and as BuzzBuzzNews reported previously, sales were particularly strong outside of Manhattan — where buyers sought more affordable housing as prices continued to rise in Manhattan. For example, condo prices in Tribeca rose 41 percent annually in the second quarter of this year.
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