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Manhattan Condo Sales Hit Record To End This Bonkers Year

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As we await the release of official market reports on Friday morning, the Journal has taken a step ahead to crunch the numbers on Manhattan condo closings. They found, unsurprisingly, that the sale prices boomed in 2013, with a record-setting median condo price of $1.3 million in the fourth quarter. The boost can be attributed to a handful of new projects—Walker Tower, say, or 18 Gramercy Park—rather than gains across the board: more than 50 closings averaging $8.9 million or more took place in just four expensive new projects. City data also revealed that average price of a Manhattan condo in the fourth quarter was $2.14 million.

Brokers said the statistics were driven up in part by a rush of closings in expensive condominiums that have been in contract for many months. This was similar they said, to what happened in 2008, when closings at two prime properties, 15 Central Park West and the Plaza Hotel on Fifth Avenue and Central Park, pushed average and median prices higher for several quarters. Sales figures aren't likely to stop slowing down. Luxury megadevelopments like One57 have many multimillion-dollar apartments in contract that will close in 2014. That means this list of the year's most expensive sales will just get higher. Bring on the stats, new year.
· Manhattan Condo Sales Hit Record [WSJ]
· Mapping The 20 Most Expensive Sales of 2013 [Curbed]
· 2013 Officially Unseats 2007 As Luxury Real Estate Boom Year [Curbed]
· Market Reports coverage [Curbed]