Average Sale Price in Manhattan Hits Record High
If you thought Manhattan wasn't even close to affordable, just till you hear these numbers. The average sale price of a Manhattan apartment has hit a record-breaking high of $1.872M, a report released by Douglas Elliman has found. That crazy-high average is 8% greater than last quarter's $1.732M and 11.4% north of last year's second quarter figure, which was $1.68M, the New York Post reports. And, this time around, it's not just sales on Billionaires' Row that are jacking up the average. Unlike in previous years, sales have been high at every price point. In fact, demand is so high and supply so low that more than 50% of sales this quarter sold at or above asking. And of course, there are the standout sales, like the $32M deal for a penthouse at Harry Macklowe's 737 Park Ave that went to French financier Raymond Svider. The second most expensive condo in the city is also now under contract at 432 Park, for $95M. [NYP]
