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Manhattan's luxury apartments break records in 2014

A building in Chelsea.

A building in Chelsea. Photo Credit: Getty Images / Craig Barritt

This year saw several records for the Manhattan luxury real estate market, according to a report released Wednesday.

CityRealty's end-of-the-year survey found that the average sales price for the borough's co-ops and condos 2014 was $1.8 million, a $300,000 jump from last year. The price surpassed a $1.6 million record that was set in 2008, right before the housing crash, according to the real estate firm.

"It's a healthy market, which is good," said Gabby Warshawer, director of research and communications for CityRealty. "It means a lot of people are investing in Manhattan."

A unit at the luxury building 740 Park Avenue on the Upper East Side had the most expensive co-op sale for this year and in CityRealty's history, the report said. The apartment sold for $71.3 million, edging out a $70 million deal at 960 Fifth Avenue in the Upper East Side.

The most expensive condo building this year was 15 Central Park West, which sold for an average of $6,409 per square foot for 15 sales. One57, the tallest residential building in the city, at 157 West 57th Street, which opened this year, came in third with an average of $5,566 per square foot for 38 closings, according to CityRealty.

The Flatiron/Union Square area saw the greatest increase in condo sales last year, surging 41% between 2013 and 2014. CityRealty credited the high-priced closings at One Madison on 25th Street as the reason for that surge.

Midtown West had the most sales last year with 527 units, the report said. NoHo was the neighborhood with the fewest amount of sales at 13, however those units sold for an average of $1,926 per square foot.

Warshawer predicted that the number of sales and high closing prices will continue in 2015.

"More units are coming to the market, new condos are being marketed so we will see more sales," she said.


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