Manhattan new development sales push average prices to their peak

Despite record price points, sales dropped more than 10 percent annually
  • According to the Brown Harris Stevens Q3 report, Manhattan condos hit an average price of $3 million.
  • The average price within new development alone hit a record $4.39 million.
  • Resale average and median price grew 5 percent and 6 percent, respectively.

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The average condominium price in the Big Apple is now over $3 million for the first time in history, driven by sizable high-end Manhattan new development closings in the third quarter, according to a new report. Manhattan new development sales, primarily luxury, energized the overall condominium price pace in the third quarter, according to Brown Harris Stevens’ latest Manhattan market report. The average price within the new development category alone hit a record $4.39 million in Q3, factoring a single $88 million closing at 432 Park Ave. Meanwhile, median price among new developments jumped an impressive 40 percent year-over-year, to just under $2.52 million. Apartment prices / Brown Harris Stevens In the resale market, average price grew 5 percent year-over-year to over $1.54 million in Q3. The resale median price of $960,000 is 6 percent higher compared to last year. Looking at all apartments, both co-ops and condominiums, average price reached over $2.04 million,...