Average Manhattan apartment now costs over US$1 million: report

15 Central Park West, which overlooks New York City's iconic green space, has become Manhattan's most expensive address.
15 Central Park West, which overlooks New York City's iconic green space, has become Manhattan's most expensive address.BLOOMBERG

NEW YORK (AFP) - The price of an average apartment in the New York borough of Manhattan has passed the US$1 million (S$1.41 million) mark for the first time, according to a study published Wednesday.

The median price - at the midpoint of all sales prices - is now US$1.1 million, up 11 per cent in a year, said the CityRealty website, which reports on real estate data.

Prices in Manhattan have surged by 60 per cent over the past 10 years.

The mean price - the average of all sales prices - is now US$1.9 million, up 5.5 per cent from last year and 72 per cent from 2005.

Total real estate sales in Manhattan this year should reach US$24 billion, a 4.2 per cent year-on-year increase, according to CityRealty's projections.

Some 190 Manhattan apartments were sold this year for more than $10 million, a slight decline from the 214 sold in 2014.

The borough's market is traditionally composed of co-ops, in which apartment owners become shareholders with a voice in the corporation that owns their building, and condominiums, or "condos", where the owner has a right to use common areas but has less of a voice in building rules or practices.

Condos accounted for a majority of the new construction this year.

But 57 per cent of sales were of co-ops, with condos accounting for the remaining sales.

According to CityRealty, the average price per square foot of a Manhattan condo was US$1,732 (US$18,530 per square meter), a 5 per cent rise from 2014. The site did not publish a corresponding figure for co-ops.

The price of new construction was higher, at US$2,073 a square foot, though this was down by 5.4 per cent from the previous year.

Certain sought-after addresses went for far more than that, notably the new One57 development, a 300 meter luxury apartment tower on 57th Street in midtown Manhattan.

The average cost per square foot of the 26 apartments sold there this year was US$5,149.

But the most expensive address in all Manhattan was 15 Central Park West, a building completed in 2008 that overlooks the world's most famous park. The six apartments there that changed hands this year sold for an average of US$6,292 per square foot.