DataMarkets & Economy

Newly built New York City condos grow in price

Downtown, Midtown continue to lead borough in sales, according to CityRealty
  • 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.

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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 sa...