Manhattan Apartment Prices Hit New Record

For the first time, the average price for an apartment in Manhattan sailed above the $2 million mark.

According to new data from CityRealty, the average apartment prices in the heart of New York City rose to $2.2 million this year, up from $1.9 million in 2015. This new record price represents a staggering 91 percent increase from 10 years ago. However, this XXL-sized price tag veered upward due to the sales of condominiums that were valued at $10 million or more.

However, CityRealty is forecasting that the average price of Manhattan condos will fall in 2017, which will be the first time in five years that this property type will experience a decline. This predicted decline would be the result of a slowdown in new luxury residential construction, according to CityRealty.