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Market REPORT DECEMBER 2015 THE CITYREALTY YEAR-END REPORT DECEMBER 2015 YEAR-END MANHATTAN MARKET REPORT CityRealty is the website for NYC real estate, providing high-quality listings and tailored agent matching for prospective apartment buyers, as well as in-depth analysis of the New York real estate market. 1 DECEMBER 2015 THE CITYREALTY YEAR-END REPORT CityRealty is pleased to release its 2015 Manhattan market report. Methodology This report covers residential condominium and co-op sales recorded through November 30, 2015. All closed sales data has been provided by the New York City Department of Finance via the Automated City Register Information System (ACRIS). The city records deeds in ACRIS roughly three weeks after a sale has closed, so the report includes enough data from which to draw conclusions about sales trends and make projections through the end of the year. Projections concerning aggregate sales volume through the end of the year are based on data through the first 11 months of 2015 as well as December sale statistics from prior years. Pricing information for Manhattan does not include buildings north of 96th Street on the East Side, above 110th Street north of Central Park, and above 125th Street west of the Park. About CityRealty Established in 1994, CityRealty offers the most comprehensive data, analysis, and content available for the New York City real estate market, covering both sales and rentals. Additionally, CityRealty provides a free, personalized service for New York City apartment buyers and sellers, matching each customer to an agent with the precise expertise needed to find his or her perfect home. Further information about CityRealty is available at www.cityrealty.com. Gabby Warshawer, CityRealty Director of Research and Communications, welcomes any questions and comments regarding the New York City real estate market. She can be reached at [email protected] or by phone at 212-209-8809. Visit us at www.cityrealty.com for more sales information. 2 DECEMBER 2015 THE CITYREALTY YEAR-END REPORT Summary THE Records OF 2015 For the second year in a row, Manhattan real estate prices soared, setting new records. For the first time, the median price for an apartment—including both Median Apartment Sales Price co-ops and condos—was above $1 million. $1.1M AVERAGE SALES PRICE Prior Record : $970K (2014) CONDOS AND CO-OPS Avg Apartment Sales Price 2015: $1.9 Million $1.9M 2014: $1.8 Million Prior Record : $1.8M (2014) The average sales price for co-ops and condos in 2015 was $1.9 million, topping the Average Condo Sales Price $1.8 million record set in 2014. The median sales price of $1.1 million for all apartments represented a 11% increase from last year, when the median was $970,000. $2.6M Prior Record : $2.5M (2014) CONDO AVERAGE PRICE/FT2 2 2 $1,648/ft $1,732/ft Median Condo Sales Price 2014 2015 $1.6M Prior Record : $1.5M (2014) The average price of a condo in 2015, $2.6 million, was also at an all-time high, surpassing the record set in 2014, $2.5 million. The average price per square foot also rose to a record $1,732, a 5% increase from 2014. Avg Condo Price/ft2 $1,732/ft2 2014 2015 Prior Record : $1,648/ft2 (2014) $2.5M $2.6M AVERAGE SALES PRICE AVERAGE SALES PRICE Avg Co-op Sales Price CONDO CONDO $1.3M $1.4M $1.4M AVERAGE SALES PRICE AVERAGE SALES PRICE Prior Record : $1.3M (2014) CO-OP CO-OP Note: 2015 statistics are based on closings recorded through Nov. 30, 2015; projected totals are for full 2015 calendar year. 3 DECEMBER 2015 THE CITYREALTY YEAR-END REPORT Summary, Cont. 2015 records, cont. Prices also reached new highs in the co-op market. The average price for a co-op was a record $1.4 million, which represented a 9% increase over the average price in 2014. The Most Expensive median price, $790,000, was also a record, and an 8% increase over last year. Co-op Sale $77.5M RESIDENTIAL SALES 834 Fifth Avenue, #1112A Prior Record: $71.3M (2014) 2015: 740 Park Avenue, #12/13B (Projected) $24.0 Billion CITYREALTY 2014: $22.8 Billion Building of the Year CityRealty projects that total Manhattan co-op and condo sales volume will be approximately $24 billion for the full calendar year of 2015, based on the $21 billion recorded through Nov. 30 and accounting for seasonality and properties currently in contract. Total sales volume in 2014 was $22.8 billion. 2014 2015 (Projected) 12,900 12,700 UNITS UNITS In addition, CityRealty projects that there will be approximately 12,700 sales through the end of 2015, a decline from the 12,900 recorded in 2014. There were 11,100 co-op and Readers of CityRealty’s blog 6sqft condo closings recorded through the first 11 months of 2015. chose the new development Via, the large and architecturally bold rental New Development SALES building at 625 West 57th Street, as the 2015 Building of the Year. The Bjarke Ingels-designed project 2014 2015 (Projected) has more than 700 units and is $4.1 Billion $5.2 Billion constructed in a tetrahedron shape. 850 Units 1,340 Units The winner was selected from a pool of 12 notable structures, including 432 Park Avenue and 53W53. It was CityRealty projects that new development sales will reach roughly $5.2 billion through the second year of the poll; in 2014, the end of 2015, an increase from the $4.1 billion in new condo sales recorded in 2014. readers selected 45 East 22nd Street Roughly 1,340 new condo sales are expected to be recorded through the end of 2015, as as the Building of the Year. compared to 850 last year. Note: 2015 statistics are based on closings recorded through Nov. 30, 2015; projected totals are for full 2015 calendar year. 4 DECEMBER 2015 THE CITYREALTY YEAR-END REPORT Manhattan Residential Market Average and median sales prices for all residential units in Manhattan—both condos and co-ops—have increased significantly since 2005. This year's average apartment price of $1.9 million is 72% higher than in 2005. This year's median price of $1.1 million is 60% higher than it was in 2005. Average and Median Sales Prices Since 2005 for Co-ops and Condos $2.0M $1.5M E C I + R $1M 72% LE P LE A S $500K 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 KEY: avg PRICE MEDIAN PRICE Transaction Volume Since 2005 for Co-ops and Condos 18,000 (ProJ.) 15,000 12,000 12,700 TIONS ac 9,000 NS ra T F 6,000 # # O 3,000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Note: 2015 statistics are based on closings recorded through Nov. 30, 2015; projected totals are for full 2015 calendar year. 5 DECEMBER 2015 THE CITYREALTY YEAR-END REPORT Sales Breakdown The graph below illustrates the rise in sales of high-priced units over the past few years. Although total sales of apartments over $10 million are projected to decline from $4 billion in 2014 to $3.6 billion in 2015, aggregate sales between $4 and $10 million are projected to increase from $4.6 billion last year to $5.9 billion this year. Total Sales by Price, Year-by-Year $24B $3.6B $22B $4.0B $1.8B $20B $5.9B $2.2B $4.3B $16B $4.6B E M $1.5B $3.5B $12B $3.0B LES VOLU LES A L L S $10.7B A $10.1B $10.0B TOT $8B $8.4B $7.5B $4B $4.7B $3.8B $3.8B $4.3B $4.2B 2011 2012 2013 2014 2015 (ProJ.) KEY: <$1M $1M-$4M $4M-$10M $10M+ ALL SALES $10 MILLION + YEAR TOTAL SALES TOTAL # OF SALES # OF SALES TOTAL SALES % OF TOTAL 2015 (ProJ.) $24 Billion 12,700 190 $3.6 Billion 15% 2014 $22.8 Billion 12,895 214 $4 Billion 18% 2013 $21 Billion 13,921 123 $1.8 Billion 9% 2012 $18.3 Billion 12,250 118 $2.2 Billion 12% 2011 $15.7 Billion 10,933 90 $1.5 Billion 9% Note: 2015 statistics are based on closings recorded through Nov. 30, 2015; projected totals are for full 2015 calendar year. 6 DECEMBER 2015 THE CITYREALTY YEAR-END REPORT Top 25 Sales By Closing Price Through Nov. 30 the top sale of the year is a $91.5 million sale at One57, which is the second most expensive condo sale ever ecorded in New York City, following a $100 million sale in the same building in 2014. The second most expensive sale, a $77.5 million closing at 834 Fifth Avenue, represents the most expensive co-op sale ever recorded in New York. ONE57 TIME WARNER CENTER 15 CENTRAL PARK WEST BUILDING, UNIT UNIT TYPE SQUARE FEET CLOSING PRICE PRICE / SQ FT One57, #75 Condo 13,544 ft2 $91.5M $6,759 /ft² 834 Fifth Avenue, #1112A Co-op N/A $77.5M N/A Sherry Netherland Hotel, #1801 Co-op N/A $67.5M N/A Carlton House, #PH Condop 8,988 ft2 $52.0M $5,785 /ft² Time Warner Center, #PH78 Condo 8,275 ft2 $50.9M $6,153 /ft² One57, #77 Condo 6,240 ft2 $47.8M $7,657 /ft² One57, #88 Condo 6,231 ft2 $47.4M $7,602 /ft² One57, #86 Condo 6,236 ft2 $47.4M $7,596 /ft² 15 Central Park West, #1819B Condo 5,610 ft2 $45.0M $8,021 /ft2 The Charles, #PH1 Condo 11,747 ft2 $37.9M $3,230 /ft2 15 Central Park West, #8A Condo 4,565 ft2 $35.0M $7,667 /ft2 One57, #54B Condo 5,475 ft2 $34.4M $6,278 /ft2 The New Museum Building, #12M Condo 7,837 ft2 $34M $4,338 /ft2 Trump International, #PH51B Condo 5,018 ft2 $33M $6,576 /ft2 737 Park Avenue, #PH Condo 6,003 ft2 $32.7M $5,440 /ft2 One57, #53B Condo 5,475 ft2 $30.7M $5,604 /ft2 One57, #67A Condo 4,483 ft2 $30.0M $6,701 /ft2 1040 Fifth Avenue, #14A Co-op 4,700 ft2 $30.0M $6,383 /ft2 250 West Street, #PH Condo 5,718 ft2 $29.5M $5,159 /ft2 778 Park Avenue, #15 Co-op N/A $28.5M N/A One57, #67B Condo 4,116 ft2 $28.0M $6,804 /ft2 Time Warner Center, #71A Condo 3,902 ft2 $27.0M $6,920 /ft2 15 Central Park West, #35C Condo 2,761 ft2 $25.9M $9,390 /ft2 150 Charles Street, #12C/14C Condo 5,486 ft2 $25.5M $4,648 /ft2 The Greenwich Lane, #PH Condo 4,927 ft2 $25.5M $5,174 /ft2 Note: 2015 statistics are based on closings recorded through Nov.
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