SoHo/Flickr user Shinya Suzuki
Downtown Manhattan’s dominance in 2016 condo sales continues, according to a recent market report from CityRealty. With $575 million in condo sales, the Downtown neighborhood delivered the highest portion of earnings in the borough again in February, albeit falling slightly from the $591 million in transactions in January.
At number two in grossing sales in the report, Midtown procured $278 million in residential transactions in February. Both Downtown and Midtown boasted top price per square foot averages at $2,228 and $1,916, respectively.
According to CityRealty’s report, Manhattan pulled $1.8 billion in aggregate sales in February, down from $1.9 billion in January.
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Sales prices in Manhattan still climbing
Following this year’s trend of rising prices in Manhattan, the average sales price scaled to $2.3 million in February. The month prior, the average price was $2.1 million.
For condos, 397 units sold at an average price of $3.2 million, with an average price per square foot of $1,940. Manhattan increased co-op sales in February up to 421 transactions at an average of $1.3 million.
While sales price continued to intensify, the number of transactions wavered. Manhattan closed 818 units across all apartment types in February, down from 894 the preceding month. Two months prior, the number of recorded sales in Manhattan stood at 1,020 units.
New developments: Upper East Side, SoHo and Midtown
Three major contenders assisted in Manhattan’s excessive average cost. The Whitney Condos located on 33 E. 74th St., the Puck Penthouses at 293 Lafayette St. in SoHo and 432 Park Ave. — the infamous 1,396-foot-tall skyscraper in Midtown.
The Whitney Condos, comprised of 10 large apartments designed by Beyer Blinder Belle and Champalimaud Interior Design, have 10-foot ceilings, double doors and travertine floors — some complete with staircases.
Developer JZS Madison LLC, an affiliate of the Straus Group, originally purchased the complex from the Metropolitan Museum of Art for $95 million. Whitney Condos currently has five listings on the market, ranging from $14.75 to $45 million, with an average price per square foot of $4,760.
The most recent sale at Whitney Condos was a five-bedroom, five-bathroom unit. The 6,312 square foot apartment sold for $31 million in February, as well as a three-bedroom, 3.5-bathroom apartment for just under $15.8 million.
The Puck Building on the southeast corner of East Houston Street was originally a designated landmark, and designs underwent two revisions by owner Jared Kushner before receiving approval by the Landmarks Preservation Commission in 2011. Apartments were eventually converted in 2014 and feature a resident lobby with a stained glass window of Puck — a character from Shakespeare’s “Mid-Summer’s Night Dream.”
Spread across nine floors, Puck Penthouses features six apartments. Currently, there are no units listed for sale. The most recent sale was a three-bedroom, 3.5-bath condo for $28,511,000 million. The apartment was approximately 4,965 square feet and closed on Feb. 5.
The amenities at 432 Park Ave. are extensive, with many apartments featuring an expansive view, 12-and-a-half-foot ceilings, heated bathroom floors and well-appointed finishes. Given the excessive price tag at the towering Billionaire’s Row complex, buyers could afford 10 “average” Manhattan apartments for the price of one single condo at 432 Park Ave., says CityRealty.
Back in mid-March, CIM and Macklowe Properties secured 5 percent of the anticipated sales volume since opening 432 Park Ave. Since March 17, the building has closed on four more units. Currently, there are 10 listings on the market, with price tags ranging from $17.5 million to $76.5 million at an average $8,079 per square foot.
