The Zeckendorf family-developed 15 Central Park West remains the most expensive condo in New York, claiming the top three sales by price per square footage within the 12 months up to June 30, according to a CityRealty report released Tuesday.
During that period, there were eight sales in the Robert A.M. Stern-designed building—home to celebrities like Sting, fashion designer Elie Tahari, Goldman Sachs CEO Lloyd Blankfein and Russian billionaire Dmitry Rybolovlev—with an average sales price of $7,227 per square foot, up 10.1% from the $6,735 a year ago.
There are deals to be had on the Upper East Side.
2 of Manhattan’s most expensive homes see major discounts https://t.co/llDD9L94D4 pic.twitter.com/YQ9D4fZAOn — Mansion Global (@MansionGlobal) June 28, 2017
Despite the newer luxury condos being built on Billionaires’ Row, 15 Central Park West has been consistently ranked No. 1 since 2014 in The CityRealty 100, a bi-annual index tracking the performances of top 100 condominium buildings in Manhattan.
The second and third most expensive condos in New York are 432 Park Avenue (45 sales with an average price of $5,930 per square foot) and Residences at the Mandarin Oriental at 80 Columbus Circle (four sales with an average price of $5,215 per square foot), according to CityRealty, a New York-based real estate web site.
Overall, the 100 buildings had an average price per square foot of $2,788 from July 1, 2016 to June 30, 2017, increasing 9% year-over-year.
"Prices rose in part because of closings recorded in very expensive newer developments such as 432 Park Ave. and One57, as well as continued high prices in properties such as 15 Central Park West," said Gabby Warshawer, director of research and communications at CityRealty.
"There has been some softness in luxury condos, but these buildings in the Index have retained their value," Ms. Warshawer said.
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Other findings in the report include:
The number of condo sales was largely unchanged, with 1,098 apartments changing hands in The CityRealty 100 condos, a 3% decrease from the same period a year ago The most expensive sale by unit price was a penthouse in 15 Central Park West, averaging $9,581 per square foot and totaling $50.55 million 432 Park Ave. had the most expensive single sale. An anonymous buyer dropped $65.6 million on a full-floor unit in January 2017 Midtown East is the most expensive neighborhood, with an average price per square foot of $4,185, followed by Central Park West ($3,758) and Greenwich Village ($3,570)
10-Year Condo Price Appreciation Outshines Stock and Oil
Looking at the historical data, CityRealty also found that the price gain (or investment return) of the condos in The CityRealty 100 is better than S&P 500 and oil.
Over the past 10 years, the average price per square foot of properties in The CityRealty 100 has increased at a compound annual growth rate of 3.4% per year (non-inflation adjusted). By comparison, the 10-year compound annual growth rate for oil was -3.9%. And for the S&P 500, it was 2.2%.
However, gold had better returns (6.8%) than the buildings in The CityRealty 100 in the past 10 years. And over the past year, the gap has grown wider, given the recent strength of the gold market.
Last year, gold had a compound annual growth rate of 8.2%, while the CityRealty 100 saw a 7.4% increase.
Among the CityRealty 100 condos, 30 East 85th St. had the best 10-year compound annual growth rate at 5.61%, followed by Trump Park Avenue (4.8%), The Park Belvedere (4.4%), 3 Lincoln Center (4.3%) and Time Warner Center (4.2%).