Manhattan new condo prices rise depsite drop in sales, report says

Condo sales in new Manhattan developments dropped over the summer but their prices rose anyway, according to a real estate market report released Wednesday.

The number of sales of new condos dropped 23% from 120 in July to 92 in August, according to data from the listings site CityRealty.

The average sales price for new condos was $5.9 million in August, up 13.5% from $5.2 million in July. The average price per square foot in new condos rose 27% year-over-year to $2,562 in August, the site found.

Manhattan’s overall sales market saw the opposite trend, however. CityRealty logged 923 overall sales in July and 1,016 in August, and prices for all units fell 13.7% from $2.2 million in July to $1.9 million in August, according to the site.

The most expensive sale in August was unit 77B in 432 Park Ave., a four-bed, 4 1⁄2-bath that sold for $39.2 million, CityRealty reported.