Manhattan Real Estate market had a mixed year 2016 with closings dropping 11% (13,605), inventory reaching 5,865 units (+16%), but still well below pre-2008 levels (8,500 units) and 2009 Peak (11,500). Prices are keeping their upward trend with an average price of $2.045M (+12%), Median of $1.1M (+11%), and average PPSF of $1,841 (+12%). Prices have been skewed by closings of super and ultra luxurious condos of the like of 56 Leonard and 432 Park Avenue, which contributed to the 206 sales over $10M and 35 sales over $25M. With a pipeline of 4,200 new development units hitting the market this year, we may continue to see rising inventory levels in 2017, but a sustained and healthy activity within the mid-market/entry Luxury segments of New Developments.
For more information, please consult the Manhattan New Development Memorandum here!
Fred M. On Real Estate 