Prices for Manhattan apartments averaged approximately $2.2m in 2016, according to data published by CityRealty.com. The average price, which includes co-ops and condominiums, was up $200,000 y-o-y. For the third consecutive year, Manhattan real estate prices increased in almost all property categories, including average prices for apartments and condos as well as the average price for condos price per sq ft, median apartment prices and median condo prices. Over the course of the past 10 years, the average price for an apartment in Manhattan has increased 91 percent, according to CityRealty.com.
“It’s clear that developers of new Manhattan condos have reached new peaks in terms of pricing and proven that there’s investor appetite at the top end of the market,” said Gabby Warshawer, director of research at CityRealty.com. “Buildings like 432 Park Ave. and One57 have created new price thresholds for developers mining the top of the market.”
