Average prices decreased for Manhattan’s new developments for the second straight quarter. The average price of a unit that went into contract between April and June fell 2.1% quarter-over-quarter to $2,172 per square foot, according to the report released Thursday. New York City’s housing market has seen a trend toward affordability, even in the luxury sector, where homes priced under $6 million have sold more briskly and with fewer price reductions than homes priced at eight figures or more.
The four transactions on Billionaire’s Row, the stretch of luxury highrises at the southern edge of Central Park, made the Midtown area far and away the most expensive among new developments. The average price on Billionaire’s Row hit $7,268 per square foot.
The second most expensive area was Downtown Manhattan—which includes new luxury buildings like 30 Park Place and the so-called “Jenga tower” at 56 Leonard St. The 401 downtown condos that sold or went into contract in the second quarter had an average price of $2,335 per square foot.
The
number of new development units in Manhattan rose 34.6% in the second quarter
over the same quarter last year, to nearly 6,000 units. This was due in large
part to a spate of new project approvals, including the trifecta of luxury
apartments that comprise Waterline Square on the far West Side and Central Park
Tower, planned to be one of the tallest buildings in the Western Hemisphere on
Billionaire’s Row.
Source:
Mansion Global
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