This should not exactly come as a surprise, but a new year-end report compiled by CityRealty reveals that this past year has been the most expensive ever for residential real estate in the
borough tourist playground/pied-a-terre hub of Manhattan. Among the new records set this year: a $2.4 million average sales price for condos (besting the prior record of $2 million in 2013), a $1.27 million average sales price for co-ops ($1.25 million in 2008), and an overall sales volume of $22 billion (up from $21 billion in 2013). Individual records were set for co-ops, when Izzy Englander paid $71.3 million for a duplex in 740 Park Avenue, and for Downtown condos, when a Walker Tower penthouse sold for $50.9 million. In summary, you cannot afford to buy an apartment in Manhattan.
· Ka-Ching! Report Says NYC Apartment Market Set Records in 2014 [WSJ]