Condo prices are skyrocketing in New York City.
The average price of a New York condo reached $3.2 million in August for an average price per square foot of $1,916 according to CityRealty's September 2016 Monthly Market Report. And condo prices went up even though the number of sales, which totaled 447, decreased compared to the previous month.
Newly developed condos commanded an even higher price in the last month of the summer and accounted for 27% of total sales. The average sale price for a new unit was $5.2 million, an average of $2,480 per square foot compared to $1,695 per square foot for non-new development condominium sales. The average price per square foot increased by 4% from last month. Though prices went up, the number of sales was only 120 units, a decrease from 137 the previous month.
Downtown Manhattan accounted for almost half of the city's sales, with a combined total of $653 million in condo sales and an average price of $2,096 per square foot.
The three most expensive condo sales were in the new Billionaire’s Row condo at 432 Park Avenue, with a $31.6 million, 4,019-square-foot apartment on the 73rd floor topping the list. The unit has three bedrooms and four-and-a-half baths. The other two most expensive sales included a unit of the same size and layout on the 72nd floor for $30.1 million, and a 4,430-square-foot apartment on the 44th floor with four bedrooms and four-and-a-half baths for $22 million.