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Real Estate

Manhattan condo, co-ops prices reach record highs: Report

One 57, the tallest residential building in New

One 57, the tallest residential building in New York City Photo Credit: Yeong-Ung Yang

Manhattan condos and co-ops reached record high prices this year with a median of over $1 million, according to a report released Wednesday.

The end-of-the-year summary by the real estate group CityRealty said the median jumped from $970,000 last year to $1.1 million in 2015 as several new developments in midtown and downtown popped up. A 13,544 square-foot unit at One 57, the tallest residential building in the city, was the top seller at $91.5 million.

Despite the jump in prices, the market saw a dip in the number of sales, going from 12,900 units in 2014 to 12,700 this year, according to the report.

Gabby Warshawer, a CityRealty spokeswoman, said the demand for the highest-end apartments seems to be waning.

“We have seen fewer sales in the range of $10 million,” she said.

Midtown had 37% of the borough’s total new development sales, followed by downtown with 24%. Both areas will reign top in the new year as more luxury buildings open up, according to Warshawer.


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