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Million Dollar Apartments Rise Over Manhattan

Phil Hall
Dec 16, 2015

If you want to follow in the footsteps of George and Louise Jefferson and relocate to Manhattan for a “deluxe apartment in the sky,” be prepared to spend more than $1 million for your slice of the Big Apple.

According to the “Year-End Manhattan Report” issued by CityRealty, the median price for a Manhattan apartment—including both co-ops and condos—hit $1.1 million, an 11 percent hike from last year’s hefty median of $970,000 and the very first time that the median price went past the $1 million mark. This year’s average sales price for co-ops and condos was $1.9 million, breaking last year’s record of $1.8 million.

Another record was broken in 2015 regarding the average price of a Manhattan condo: $2.6 million, above last year’s record-setting $2.5 million. The average price per square foot for a condo also set a record with $1,732, a five percent jump from 2014.

Manhattan co-op prices also set a new record, with a $1.4 million average price for 2015, up nine percent from last year. The $790,000 median price, an eight percent increase from 2014, is also a new record.

And the most expensive of Manhattan’s residential properties was One57, the 75-story skyscraper towering over Central Park South, where units sold for an average $21.7 million. The nearby 15 Central Park West was a bit closer to affordable housing: the average sales price there was $19.8 million.

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