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Manhattan Condo Sales Summary

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Manhattan Condo Sales Summary DECEMBER 2017 THE CITYREALTY YEAR-END REPORT DECEMBER 2017 Year-End Manhattan Market Report Under Embargo Until Wednesday, December 13 at 12:01 a.m. CityRealty is the website for NYC real estate, providing high-quality listings and tailored agent matching for pro- spective apartment buyers, as well as in-depth analysis of the New York real estate market. 1 DECEMBER 2017 THE CITYREALTY YEAR-END REPORT Summary After several years of soaring prices, Manhattan real estate leveled of in 2017, in most cases equaling but not surpassing the record levels of the past few years. Total sales of apartments over $10 million are projected to reach $4.7 billion by the end of 2017. AVERAGE SALES PRICE 2017: $2.2 Million CONDOS AND CO-OPS 2016: $2.2 Million MEDIAN SALES PRICE CONDOS CO-OPS 2017: $1.9 Million 2017: $838,304 2016: $1.8 Million 2016: $818,250 The median sales price of all apartments in 2017 was $1.2 million, as it had been in 2016. There was a slight increase in the median price of condos, which rose to $1.9 million from $1.8 million in 2016, and co-ops, which rose to $838,304 from $818,250 in 2016. CONDO AVERAGE PRICE/FT2 2017 2016 $1,868/ft2 $1,888/ft2 The average price of a condo in 2017, $3.1 million, was the same as the prior year, when it set a record. The average price per square foot dipped slightly to $1,868, down from $1,888 in 2016. 2017 2016 $3.1M $3.1M AVERAGE SALES PRICE AVERAGE SALES PRICE CONDO CONDO $1.4M $1.3M AVERAGE SALES PRICE AVERAGE SALES PRICE CO-OP CO-OP Note: 2017 statistics are based on closings recorded through Nov. 30, 2017; projected totals are for full 2017 calendar year. 2 DECEMBER 2017 THE CITYREALTY YEAR-END REPORT Summary, Cont. Prices rose in the Manhattan co-op market. The average price for a co-op was $1.4 million, Building of the Year up from $1.3 million in 2016. RESIDENTIAL SALES 2017: $25.9 Billion TO BE (Projected) DETERMINED 2016: $25.8 Billion CityRealty projects that total co-op and condo sales volume will be approximately $25.9 billion for the full calendar year of 2017, based on the $22.6 billion recorded through November 30 and accounting for seasonality and properties in contract. The $25.9 billion would be a record. Total sales volume in 2016 was $25.8 billion. For the fourth year in a row, readers of CityRealty’s blog 6sqft.com have been 2017 (Projected) 2016 invited to vote on the 2017 Building of the Year. Last year, more than 25,000 votes were cast in the online poll. 12,000 11,853 For 2017, 12 newsy and noteworthy UNITS UNITS buildings are up for the honor: Central Park Tower, 220 Central Park South, One Manhattan Square, 15 Hudson Yards, CityRealty projects that there will be approximately 12,000 sales through the end of 2017, 53W53, 111 West 57th Street, The a slight increase from the 11,853 recorded in 2016. There were 10,510 co-op and condo Eleventh, 685 First Avenue, Waterline closings recorded through the frst 11 months of 2017. Square, 111 Murray Street, Domino’s 325 Kent Avenue, and 9 Dekalb Avenue. NEW DEVELOPMENT SALES The winner selected in 2016, 520 West 28th Street, was the frst and only New 2017 (Projected) 2016 York City building designed by the late $8.1 Billion $9.3 Billion architect Zaha Hadid. 1,750 Units 1,841 Units In 2015, readers selected the large and architecturally bold new rental Via, at CityRealty projects that new development sales will reach roughly $8.1 billion through the 625 West 57th Street, at the Building of end of 2017, a decrease from the $9.3 billion in new condo sales recorded in 2016. Roughly the Year. In 2014, the winner was 45 East 1,750 new condo sales are expected to be recorded through the end of 2017, as compared 22nd Street. to 1,841 last year. Note: 2017 statistics are based on closings recorded through Nov. 30, 2017; projected totals are for full 2017 calendar year. 3 DECEMBER 2017 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 signifcantly since 2007. This year's average apartment price of $2.2 million is 61% higher than in 2007. This year's median price of $1.2 million is 44% higher than it was in 2007. Average and Median Sales Prices Since 2007 for Co-ops and Condos $2.5M $2.0M $1.5M + SALE PRICE SALE 61% $1.0M $500K 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 KEY: AVERAGE PRICE MEDIAN PRICE Transaction Volume Since 2007 for Co-ops and Condos 18,000 15,000 (PROJ.) 12,000 12,000 9,000 # OFTRANSACTIONS 6,000 3,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Note: 2017 statistics are based on closings recorded through Nov. 30, 2017; projected totals are for full 2017 calendar year. 4 DECEMBER 2017 THE CITYREALTY YEAR-END REPORT Sales Breakdown The chart below illustrates the rise in sales of high-priced units over the past fve years. Total sales of apartments over $10 million are projected to reach $4.7 billion through the end of 2017. The number of apartment sales in this price tier is down from 2016, when it set a record, but the aggregate sales total is still on track to account for 18% of all dollars spent on Manhattan residential real estate this year, spread over a scant 240 sales. Total Sales by Price, Year-by-Year $28B $24B $4.7B $3.5B $5.3B 240 Units 297 Units 189 Units $4.0B $20B $1.8B 214 Units 123 Units $6.2B $7.0B $4.3B 1,046 Units $6.7B 1,200 Units $4.6B 1,119 Units $16B 727 Units 801 Units TOTAL SALESVOLUME $12B $10.1B $10.0B $10.9B 5,284 Units 5,175 Units 5,579 Units $10.4B $10.9B $8B 5,300 Units 5,520 Units $4B $4.7B $4.2B $4.0B 7,787 Units $3.5B 6,705 Units 6,075 Units $3.4B 5,232 Units 5,040 Units 2013 2014 2015 2016 2017 (PROJ.) KEY: <$1M $1M-$4M $4M-$10M $10M+ ALL SALES $10 MILLION + YEAR TOTAL SALES TOTAL # OF SALES # OF SALES TOTAL SALES % OF TOTAL 2017 (PROJ.) $25.9 Billion 12,000 240 $4.7 Billion 18% 2016 $25.8 Billion 11,853 297 $5.3 Billion 20% 2015 $24.5 Billion 12,899 189 $3.5 Billion 14% 2014 $22.8 Billion 12,895 214 $4 Billion 18% 2013 $21 Billion 13,921 123 $1.8 Billion 9% Note: 2017 statistics are based on closings recorded through Nov. 30, 2017; projected totals are for full 2017 calendar year. 5 DECEMBER 2017 THE CITYREALTY YEAR-END REPORT Trump's Year in NYC Real Estate In the frst full year of Donald Trump’s presidency, both average sales price and average price per square foot for the 11 Trump-branded condos in Manhattan were below the Manhattan condo average for the frst time ever. The average price of a Trump condo stayed fat at $2.6 million (below the $3.1 million Manhattan average), and average price per square foot in Trump condos fell from $1,891 in 2016 to $1,759 in 2017. Interestingly, the worst-performing Trump building was the Trump International Hotel & Tower on Central Park West, one of the most visible buildings and a frequent protest site in 2017. Average prices there dropped by 27 percent. Trump's Avg. Condo Prices vs. Manhattan Avg. Condo Prices Trump's Avg. PPSF vs. Manhattan Avg PPSF $4.0M $2.0K $3.0M $1.5K $2.0M $1.0K $1.0M $500K 2007 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 2007 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 KEY: TRUMP AVERAGE PRICES MANHATTAN AVERAGE PRICES KEY: TRUMP PPSF MANHATTAN PPSF TOP PRICE GAINER:* BIGGEST LOSER:* TRUMP PLACE, 220 RIVERSIDE BOULEVARD TRUMP INTERNATIONAL, 1 CENTRAL PARK WEST +58% -27% AVERAGE PRICE AVERAGE PRICE 2017 AVERAGE PRICE: $2.9M 2017 AVERAGE PRICE: $5.2M 2016 AVERAGE PRICE: $1.9M 2016 AVERAGE PRICE: $7.1M BUILDING NAME AVERAGE PRICE PPSF # OF SALES** AGGREGATE SALES Trump International, 1 Central Park West $5.2M (-27%) $3,504 (-13%) 2 $10.4M Trump Parc East, 100 Central Park South $1.4M (-42%) $1,698 (-45%) 3 $4.3M Trump Parc, 106 Central Park South $1.4M (+42%) $1,869 (+3%) 9 $12.3M Trump Place, 120 Riverside Boulevard $1.4M (+2%) $1,432 (-3%) 17 $23.1M Trump Palace, 200 East 69th Street $936K (-7%) $1,400 (-7%) 6 $5.6M Trump Place, 200 Riverside Boulevard $2.1M (-9%) $1,586 (-1%) 16 $32.7M Trump Place, 220 Riverside Boulevard $2.9M (+58%) $1,640 (-3%) 15 $44M The Heritage at Trump Place, 240 Riverside Boulevard $3.7M (-3%) $2,073 (+13%) 9 $33M Trump Park Avenue, 502 Park Avenue $5.4M (+14%) $2,545 (-9%) 4 $21.4M Trump Tower, 721 Fifth Avenue $2.4M (-26%) $2,074 (-11%) 5 $12.1M Trump World Tower, 845 United Nations Plaza $4.4M (+7%) $1,793 (+0%) 12 $52.6M *Only compares buildings with 2 or more sales each year. 6 **2017 statistics are based on closings recorded through November 30, 2017.
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