LATEST NEWS

Can We Go Higher? NYC’s Costliest Condos Are Getting Even More Expensive

By Team Agorafy August 25, 2017

Do you know how the so-called “affordable” real estate in New York is getting less affordable by the day whereas the city’s luxury market is softening? We at Agorafy have reported on this trend a multiple times.

Well, it turns out, there is a caveat to the rule.

According to an analysis released Tuesday from search engine CityRealty, which tracks Manhattan’s top condo buildings, the average price per square foot in Manhattan’s 100 priciest condo buildings next year is expected to surpass the $3,000 threshold for the first time ever, reports DNAInfo.

RelatedNYC Billionaires’ Row Is Reaching Its Second Foreclosure In A Month

“Even though there’s been a contraction in the market, we expect prices to go up, barring a financial crisis,” said Gabby Warshawer, director of research at CityRealty.

According to DNAInfo, “the prices remained high because of closings — in which the contracts may have been signed more than a year ago — at new developments such as 432 Park Ave. and One57 on the so-called Billionaire’s Row.

RelatedWhile Miami Condos Cool, Neighboring Towns and Cities Heat Up

Other condos in this rarefied market include TriBeCa’s Four Seasons Private Residences at 30 Park Place, the Financial District’s 50 West St., and the “buzz-worthy” condo conversion by design firm CetraRuddy at TriBeCa’s 443 Greenwich St., where celebrity buyers include couple Justin Timberlake and Jessica Biel, Meg Ryan and Jake Gyllenhaal.

High-priced sales in “older” condo buildings such as 15 Central Park West, the West Village’s Superior Ink building, Chelsea’s Walker Tower and Columbus Circle’s Time Warner Center have also kept the prices propped up.

For instance, to buy at 15 Central Park West — the city’s most expensive building based on price per square foot — it costs an average of $7,227 per square foot in a unit, according to the City Realty analysis.

The most expensive unit sold during that time span in the Robert A.M. Stern-designed building, which sits at the corner of Central Park and West 61st Street, was $50.5 million — or $9,581 a foot.”

Team Agorafy

ABOUT THE AUTHOR Team Agorafy

ABOUT THE AUTHOR Team Agorafy

Our mission is to be the most accurate resource for commercial listings, residential listings, and property information, allowing users to make highly-informed decisions based on current market data.

  • AGORAFY
    Do you know how the so-called “affordable” real estate in New York is getting less affordable by the day whereas the city’s luxury market is softening? #luxury #condo https://goo.gl/Avx5AS
  • AGORAFY
    One of the most iconic buildings in Boston has officially been sold and hopefully, the iconic station will be upgraded. #Boston #SouthStation https://goo.gl/rzWxXS
  • AGORAFY
    This week, three of the apartments in the starchitect-designed West Chelsea condo have hit the rental market. #zahahadid #chelsea https://goo.gl/7Z7LBF
Greenland USA Develops Residential And Commercial Properties That Exemplify Modern Living
New York City is experiencing an alarming affordability crisis. For low, moderate, and middle income New Yorkers housing has become a serious challenge, all around…
‘The Back Country Hut Company’ introduces a $45,000 flat pack ‘surf shacks’ for nature lovers
Buying your dream house is always a major process. Even if you try to do your best to go through this journey, there are always…
Fall 2017 New Developments In New York City – Part II
Fall 2017 in New York City means new developments and new housing opportunities. New York City is hosting more than 40 new developments, according to…
Is Westoria New York City’s Newest Neighborhood?
Do you remember the recent talk of the time, when sly real estate agents tried to rename a certain NYC neighborhood? The attempts to to…
Upper West Side Penthouse With The $23.5 Million Price Tag Hits The Market
How would you like having a Museum Of Natural History view from your living room windows? If living next to the Central Park and one…
A Lower East Side Mega Project Essex Crossing Reveals Stunning Renderings
As the construction at the Lower East Side mega project Essex Crossing is being in full swing, the developers have released new renderings showcasing portions of the upcoming multi-site project…
Park and Shore, Jersey City’s Condo Development Hits The Market
Strategic Capital, the investment company of China Construction America, the US subsidiary of China State Construction and Engineering Company, announced this week the launch of…
The Most Walkable City In The United States Is NYC
It’s no surprise that New York City is the most walkable city in the United States. Everything in the Big Apple makes it the ideal…