Skip to main content

Report: Five Luxury Towers to Dominate Manhattan Condo Sales

Phil Hall
Apr 28, 2015
New York Skyline

By the year 2020, Manhattan’s condo development sales will range between $27.6 billion to $33.6 billion, according to new data released by CityRealty. However, this extravagant sum is dominated by the prices in a mere five luxury high-rises.

Three of the properties–432 Park Avenue, 220 Central Park South and 550 Madison Avenue, formerly known as the Sony Building–are being touted as generating $8 billion, while The Greenwich Lane on West 11th Street and 10 Madison Square West are expected to bring up to $1.5 billion each.

CityRealty noted that these projects sales will continue a winning streak in Manhattan residential real estate.

“Sales in new developments totaled $4.1 billion in 2014, up 50 percent from 2013,” said CityRealty in a newly released repot. “The average price of these new development units is expected to reach a record of $5.9 million per unit in 2015 … At the same time, far fewer units are being built than during the last development boom in the mid-2000s, therefore the number of closed sales is expected to increase more modestly than their prices.”

If a major market being dominated by five properties may seem a little skewered, it is a wider spread than last year when the Midtown West neighborhood of Manhattan recorded $1.2 billion in closings, with $1 billion attributed entirely to the One57, the 75-story high-rise that is capped with a condo that sold earlier this year for more than $100 million.

Apr 28, 2015
Fidelity National Financial Hit By Cyberattack

Industry-leading provider of title insurance and settlement services radio silent on reported breach.

Nov 28, 2023
Citizens Bank Bids Farewell To Wholesale Mortgage Channel

In a strategic pivot, the Providence-based banking giant will stop accepting new wholesale mortgage submissions.

Nov 16, 2023
Surprising Surge In Mortgage Customer Satisfaction, J.D. Power Study Reveals

Study found first-time homebuyers were harder to satisfy, customers don't just shop rates.

Nov 16, 2023
Women Continue To Defy Homebuying Challenges, Representing 22% Of The Market, Survey Finds

Young, educated, diverse, and increasingly savvy, women homebuyers navigate homeownership hurdles with determination.

Nov 15, 2023 Stays Bullish On Industry Disruption Amid Q3 Losses

Despite a $340 million Q3 loss,'s leadership emphasizes cost reductions, automation, and investment in technology.

Nov 15, 2023
Fannie Mae Extends Rent Payment Pilot

Positive Rent Payment program offers financial stability and opportunities.

Nov 14, 2023