With more than nine billion dollars in apartment transactions projected, the second quarter
of 2022 is expected to be Manhattan's* strongest second quarter on record despite global
economic and political uncertainty and rising interest rates. As a result of a surging ultraluxury
market, the average price paid for a Manhattan apartment is nearing the record figures
of early 2019 and 2017.
While transaction volume declined 11% year-over-year (Y-O-Y), pent-up demand, low
inventory, and a limited number of new development launches have caused prices to rise.
The average sale price for all residential units, excluding townhouses, stood at $2.19 million,
up 9% from $2.0 million in Q2 2021, and up 5% from the preceding quarter. The average sale
price of a condo was $3.1 million and the average sale price of a co-op was $1.43 million.
In this article:
In Q2 2022, there were 3,702 residential condo, co-op, and condop deals as of July 14, 2022. Due to the lag in closings recorded by the NYC Department of Finance, we project there will be approximately 4,115 closings for the quarter aggregating to $9 billion worth of transactions. This total will be 9% higher than Q2 2021 and 18% higher than Q1 2022.
The residential building that accrued the most sales in the second quarter of 2022 was NoMad's tallest building, Madison House, which had $212 million worth of closings across 77 deals. Buildings within reach of Central Park dominated the list of priciest individual sales. Aside from Billionaires' Row developments such as Aman New York Residences, 432 Park Avenue, and 53W53; traditionally-inspired Upper East Side developments also made a strong showing. The only downtown apartments to make the list came in from the Woolworth Tower, Lantern House, The Greenwich Lane, and the Puck Penthouses.
Just as the quarter was drawing to a close, the estate of Microsoft co-founder Paul Allen sold
a penthouse and a second unit on a lower floor at 4 East 66th Street for $101 million. The Wall Street Journal announced the sale and noted that if counted as one property, it is the most expensive co-op sale in New York history, beating out the 2015 record of $77.5 million for an apartment at 834 Fifth Avenue on the next block.
Records show that Mr. Allen bought the penthouse for $25 million in 2011, but it is not clear when he purchased the other unit (presumably used as a staff or guest apartment) or for how much. The buyer made the purchase under a Delaware-based limited liability company and was not identified. Other notable residents of the James E.R. Carpenter-designed building have included investor J. Christopher Flowers, financier Bernard Baruch, aviator Charles Lindbergh, and investor/philanthropist Sid Bass.
The top contract-signing of the quarter was from an undisclosed buyer of an 8,000-square-foot penthouse at 432 Park Avenue. The second-highest deal was a 7-bed/8.5-bath penthouse in The Bellemont, which is still under construction. Rounding out the top three was a signed and closed deal at the Jean Nouvel-designed 53W53 where Alex Blavatnik purchased a penthouse near the top of the building.
Top Manhattan Residential Buildings of 2022 by Total Sum of Contract Signings
#1. The Bellemont, 1165 Madison Avenue, Carnegie Hill
No Availabilities
2022 Ask Price Sum: $216,950,000
Contract Count: 10
Avg. Ask PPSF: $4,082
Avg. Ask Price: $21,695,000
The Bellemont (DBOX)
#2. 15 Hudson Yards, Midtown West
Availabilities from $3,150,000
2022 Ask Price Sum: $152,055,000
Contract Count: 23
Avg. Ask PPSF: $2,779
Avg. Ask Price: $6,611,087
15 Hudson Yards (Corcoran)
#3. 200 East 83rd Street, Yorkville
Availabilities from $2,050,000
2022 Ask Price Sum: $125,280,000
Contract Count: 23
Avg. Ask PPSF: $2,537
Avg. Ask Price: $5,446,957
200 East 83rd Street (Compass)
#4. 200 Amsterdam Avenue, Lincoln Center
Availabilities from $3,100,000
2022 Ask Price Sum: $124,552,311
Contract Count: 18
Avg. Ask PPSF: $2,842
Avg. Ask Price: $6,919,573
200 Amsterdam Avenue (Binyan Studios)
#5. 15 Central Park West, Upper West Side
Availabilities from $3,995,000
2022 Ask Price Sum: $121,499,999
Contract Count: 7
Avg. Ask PPSF: $6,132
Avg. Ask Price: $17,357,143
15 Central Park West (Compass)
#6. 35 Hudson Yards, Midtown West
Availabilities from $5,000,000
2022 Ask Price Sum: $120,875,000
Contract Count: 16
Avg. Ask PPSF: $2,825
Avg. Ask Price: $7,554,688
35 Hudson Yards (Credit: Dave Burke)
#7. The Belnord, 225 West 86th Street, Upper West Side
Availabilities from $4,150,000
2022 Ask Price Sum: $117,673,746
Contract Count: 15
Avg. Ask PPSF: $2,420
Avg. Ask Price: $7,844,916
The Belnord (Douglas Elliman)
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#8. 109 East 79th Street, Carnegie Hill
No Availabilities
2022 Ask Price Sum: $113,535,000
Contract Count: 8
Avg. Ask PPSF: $3,703
Avg. Ask Price: $14,191,875
109 East 79th Street (Noë & Associates with The Boundary)
#9. One Manhattan Square, 252 South Street, Lower East Side
Availabilities from $1,210,000
2022 Ask Price Sum: $108,843,980
Contract Count: 54
Avg. Ask PPSF: $2,025
Avg. Ask Price: $2,015,629
One Manhattan Square (Evan Joseph)
#10. The Cortland, 555 West 22nd Street, Chelsea
Availabilities from $1,750,000
2022 Ask Price Sum: $106,550,000
Contract Count: 11
Avg. Ask PPSF: $3,658
Avg. Ask Price: $9,686,364
The Cortland (Related Companies, Olson Kundig and RAMSA via M18)
Top Manhattan Residential Buildings of 2022 by Count of Contracts Signed
#1. The Solaire, 20 River Terrace, Battery Park City
Availabilities from $695,000
Contract Count: 64
2022 Ask Price Sum: $101,639,200
Avg. Ask PPSF: $1,478
Avg. Ask Price: $1,588,113
The Solaire (Evan Joseph)
#2. One Manhattan Square, 252 South Street, Lower East Side
Availabilities from $1,210,000
Contract Count: 54
2022 Ask Price Sum: $108,843,980
Avg. Ask PPSF: $2,025
Avg. Ask Price: $2,015,629
#3. The Edison Gramercy, 359 Second Avenue, Gramercy
Availabilities from $1,500,000
Contract Count: 43
2022 Ask Price Sum: $80,840,000
Avg. Ask PPSF: $2,070
Avg. Ask Price: $1,880,000
The Edison Gramercy (Douglas Elliman)
#4. FÖRENA, 540 Sixth Avenue, Chelsea
Availabilities from $1,395,000
Contract Count: 35
2022 Ask Price Sum: $77,880,000
Avg. Ask PPSF: $2,231
Avg. Ask Price: $2,225,143
FÖRENA (Douglas Elliman)
#5. One United Nations Park, 695 First Avenue, Murray Hill
Availabilities from $1,500,000
Contract Count: 28
2022 Ask Price Sum: $76,623,000
Avg. Ask PPSF: $1,736
Avg. Ask Price: $2,736,536
One United Nations Park
#6. One Wall Street, 1 Wall Street, Financial District
Availabilities from $1,130,000
Contract Count: 27
2022 Ask Price Sum: $49,370,000
Avg. Ask PPSF: $2,085
Avg. Ask Price: $1,828,519
One Wall Street (DBOX for Macklowe Properties)
#7. Madison House, 15 East 30th Street, NoMad/Murray Hill
Availabilities from $3,280,000
Contract Count: 26
2022 Ask Price Sum: $106,356,250
Avg. Ask PPSF: $2,650
Avg. Ask Price: $4,090,625
Madison House
#8. One Essex Crossing, 202 Broome Street, Lower East Side
Availabilities from $1,465,000
Contract Count: 26
2022 Ask Price Sum: $63,503,000
Avg. Ask PPSF: $2,138
Avg. Ask Price: $2,442,423
One Essex Crossing (MOSO Studio)
#9. The Broad Exchange Building, 25 Broad Street, Financial District
Availabilities from $910,000
Contract Count: 26
2022 Ask Price Sum: $31,261,500
Avg. Ask PPSF: $1,208
Avg. Ask Price: $1,202,365
The Broad Exchange Building (Corcoran)
#10. 300 West, 300 West 122nd Street, Harlem
Availabilities from $575,000
Contract Count: 24
2022 Ask Price Sum: $26,093,556
Avg. Ask PPSF: $1,287
Avg. Ask Price: $1,087,232
300 West (Douglas Elliman)
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
Would you like to tour any of these properties?
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