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