NEW YORK CITY-The sale price for a condominium in Manhattan set a new record in 2013, registering the lofty average price of $2.14 million in the fourth quarter.
The condo sales price record in the fourth quarter was fueled by the sale of trophy properties. City sales data revealed that there were more than 50 condo closings averaging $8.9 million or more in four luxury new projects in 2013, sales data shows. The most expensive unit sold in the fourth quarter was a $42-million penthouse at 18 Gramercy Park, according to the Wall Street Journal.
The year ended with the median condominium price in Manhattan setting a record of $1.3 million.
"The market in the city is really on fire," said Dottie Herman, president of residential brokerage firm Douglas Elliman. "All the stars are aligned. As long as we keep the city safe and clean and healthy we are looking at a great future." See story in the Wall Street Journal.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.