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.

Published
Apr 28, 2015
Federal Regulators Race To Address Cryptocurrency Risks

Cryptocurrency is quickly morphing into a volatile but widely embraced innovation, and federal regulators are racing to address the potential risks to consumers and the market. 

Industry News
Sep 24, 2021
MBA Initiative Seeks To Close Racial Homeownership Gap

Says its advocacy, partnerships & connections will help increase opportunities for minority borrowers

Industry News
Sep 24, 2021
Guaranteed Rate Opens New Branch In Southwestern Michigan

Guaranteed Rate expanded its presence in Southwester Michigan, after opening a new branch in St. Joseph

Industry News
Sep 22, 2021
Chinese Property Giant Evergrande Falters, Threatening U.S. Investors

On Monday, investors across three continents dumped their stocks, mainly out of fear that the world’s two largest governments — the United States and China — would undercut the beginnings of a global economic recovery. 

Industry News
Sep 22, 2021
Compass Mortgage Expands In Four Additional States

Compass Mortgage is now licensed in Virginia, Washington, North Carolina and South Carolina.

Industry News
Sep 22, 2021
Enact Holdings Completes IPO

Genworth Financial Inc. announced the completion of the initial public offering for its subsidiary Enact Holdings Inc.

Industry News
Sep 21, 2021