- Manhattan grossed $2.3 billion in residential sales in July.
- Average price per square foot for new development units was $2,405.
- Downtown was the highest grossing region in Manhattan, with $829 million in condo sales last month.
According to CityRealty’s monthly market report on New York City condos and co-ops, Manhattan grossed $2.3 billion in residential sales in July. Total home sales, including both condos and co-ops, reached 1,086 — up from 906 the month prior.
Accoridng to the report, all sales in July combined for an average price of $2.1 million.
The average price for all condos sold in Manhattan last month was a staggering $3.1 million, the report says. Co-ops were significantly less steep, with an average price of $1.3 million. Across Manhattan, a respective 489 condos and 597 co-ops sold in July.
The highest grossing Manhattan area was Downtown, with $829 million in condo sales. Midtown was second, with $319 million in sales.
Less new condos, higher prices
Within the condo market, new development units averaged around $700 more in price per square foot ($2,405) than non-new developments, which costed an average $1,691 per-square-foot, the report says.
The frequency of new development sales dropped from 164 to 137 month-over-month, but new developments are significantly more expensive than last year, rising 16 percent in price. The price per square foot for new developments was a 6 percent jump from June.
New development condos sold for an average $4.9 million, amassing a total $668 million in July.
As the area with the most sales in Manhattan in July, Downtown has numerous escalating neighborhoods. SoHo saw a 54.8 percent jump in the 30-day price average to reach $2,542 per square foot across 17 sales in July.
Next to Downtown, Midtown encompassed 21 percent of the Manhattan market activity. Most of Midtowns sales were concentrated in Midtown West, where the 30-day price average grew 7.8 percent month-over-month to reach $1,791 per square foot. Midtown West had 60 total sales in July.
The Upper West Side held 12 percent of all sales for a total $176 million. Broadway Corridor held 25 sales in a 30-day period, with average price growing 8.2 percent from June to reach $1,588 per square foot.
Most expensive condo sales
The priciest sale last month was in Walker Tower for $45 million. The penthouse unit holds five bedrooms and five-and-a-half baths across 6,738 square feet.
At no. 2, a penthouse in the Baccarat Hotel & Residences in Midtown West sold for a whopping $42.5 million. This unit was slightly larger, at 7,552 square feet, and also has five bedrooms.
At 15 Central Park West, a $28 million dollar offer closed on unit 38A. The home is 2,846 square feet with three bedrooms and three-and-a-half bathrooms.