Articles on Manhattan Condo Prices

Manhattan Condos (And Their Prices) Get Sky High

Manhattan luxury condo prices are on the riseSales at One57 and 432 Park Avenue, amplified examples of a phenomenon, indicate that we are without a doubt, experiencing a residential real estate high. Extell Development's famed One57 sold a penthouse for a record-breaking $90 million, though the building now barely holds onto its "tallest residential tower" title in Manhattan. 432 Park Avenue, which will claim One57's short lived title, has submitted a plan to increase asking prices for its condominium units to $5,800 per square foot, but given the most recent examples, developers have no need to be cautious before instituting a double digit price increase three years before construction is complete. Manhattan condo prices continue to climb as steeply as the megastructures themselves, and even a $5,800 per square foot condominium will sell itself.

15 CPW Towers Over Manhattan’s Real Estate World

A look back at our blog posts over the past few months will reveal that one luxury condominium in particular has been popping up more than the others. The building in question is, of course, 15 Central Park West, the magnificent, limestone building designed by Robert A. M. Stern that has gained a very worthy reputation in Manhattan’s real estate market. While every apartment in this complex is by itself an amazing home, renovations and redesigns of the same have led to even more striking homes, with price tags that match the astounding glamour of these luxury homes.

Apartment Renovations Fetch High Prices in New York City

Renovating luxury apartments in Manhattan

Manhattan’s luxury real estate market has long had some of the best examples of extravagant and amazing homes that are made to both stun and awe. These are, after all, among the tallest buildings in America, and no stone has been left unturned in making sure the apartments inside these magnificent structures are every bit as stunning as their exteriors. But despite how fabulous these homes may be, there are always some discerning customers who want to enhance the grandeur that’s already in the homes they buy for themselves. And that’s when they call in the renovators—architects and designers who channel the owner’s vision for an even more sensational home than he or she already owned in the first place.

Manhattan Luxury Living Hits New Heights: Literally And Figuratively

Manhattan skyline at night

There are some lucky New Yorkers who wake up every morning with the feeling of being on top of the world—literally. These are the residents of the amazingly high apartments in several luxury residential buildings around the city who are guaranteed both stunning views and amazing lifestyles. While Manhattan has always been known for its ridiculously tall skyscrapers, the city’s high-rises have become much more prolific now thanks to the fact that these buildings are now offering homes to live in. A case in point would be the historic Woolworth Building in Lower Manhattan, which has traditionally hosted office spaces on its top floors but will now soon be offering luxury homes in those enviable spaces.

15 CPW Double Apartment Selling for $95 Million

15 Central Park West is slated for a $95 million sale.It’s no secret that Manhattan has seen a series of huge sales recently. Listings in Manhattan are carrying some of the heftiest price tags the city’s ever seen, and apartment owners aren’t bashful about it either. The most recent addition to this trend will be on the 35th floor of Manhattan's premier condominium. However, what separates this property from other trendsetters is the fact that the condo is actually two apartments combined together to form one massive 5-bedroom unit. The price tag? $95 million.

Home Buyers Offered Test-Runs in NYC Condos

Many Manhattan condos now offer home buyers a chance to test-drive an apartmentWhen it comes to taking to finally taking the plunge and making a life-changing purchase, feeling apprehensive is natural. When it comes to buying a condo, potential residents want to feel that their massive investment will pay off in every possible way: all amenities should be present and useful, all rooms must live up to the standard in the listing, and the neighborhood should live up to expectations. While being truly certain about these conditions is normally a difficult task, a recent trend of “test-driving” apartments in NYC has made the decision of whether or not an apartment is suitable much more tenable. That’s right, several condominiums now allow a test rental of an apartment before making the decision to buy.

Manhattan Luxury Market Truly Distinguishes Itself

Manhattan's Luxury Market is in an entirely different leagueJust how far has Manhattan’s ultra-luxury sales market gotten from the typical price range? In other words, does the average luxury market sale still even fall anywhere in the ballpark of a normal market sale in terms of price? In Manhattan, luxury market sales are always the attention-grabbing ones, with the finest condos in Manhattan seeming to generate by far and away the most headlines. And as it turns out, this hype over ultra-luxury sales is indeed pretty accurate: the prices that the average luxury market sales generate have gone into an entirely separate league from Manhattan sales as a whole.

High Rents Create a New Homebuyer Mentality

With Manhattan apartment rents soaring, condos begin to seem much more affodrable by comparisonBuying Manhattan property has never looked so appealing. As rents in the city soar to record heights, the price gap that separates renting and buying an apartment is currently the smallest it’s been since 2006. And with Manhattan still exhibiting the highest cost of buying relative to renting in the United States, the fact that renting apartments is falling in popularity is truly saying a lot. Yet for many residents, buying property with a mortgage is beginning to seem immensely preferable to paying ever-increasing rents. While residents are showing more and more distaste for continuing to rent property, there’s an increasing willingness to bite the bullet and buy a condo or co-op.

How Haircuts Happen: Tribeca Luxury Condo Tribeca Summit As Object Lesson In Condominium Economics

Tribeca Summit in Manhattan We've previously written about Tribeca Summit, one of the more promising luxury condo listings in Tribeca, here at the New Construction Manhattan blog. We've written about Tribeca Summit both because it's one of the more striking pre-war condominium listings in Tribeca and because it is an exceptionally good source of blog copy -- from bitter-ish management disputes to price cuts, Tribeca Summit is an interesting building that has the misfortune, as the Yiddish curse goes, to live in interesting times. But while condos continue to sell at Tribeca Summit, its continued willingness/need to reduce prices on its apartments for sale has made it a frequent subject of analysis. Add it all up, as Sandy Mattingly does at his blog Realtown, and you've got a portrait of a very appealing Manhattan condominium listing with some very appealingly negotiable prices on its condos for sale.

Condo Attitude: New Study Finds New Yorkers Prefer Luxury Condos To Manhattan Co-Ops

It's a real estate rule of thumb: during economic recessions, co-op apartments are generally more popular than luxury condominium listings. The ostensible reasoning is that co-ops -- which demand more money down and involve what is often a painfully rigorous screening process -- are less volatile than condos. That is the rule of thumb, anyway. But a new report in The Wall Street Journal thumbs its nose at that particular rule of thumb by pointing out that, during the recent/ongoing recession, the market for NYC condos has been notably stronger than that for Manhattan co-ops. While this was especially true for luxury condo listings at the higher end of the condo price spectrum, it's more or less true for all Manhattan condominium listings. The big question, of course, is why.