The CityRealty 100 is an index comprised of the top 100 condominium buildings in Manhattan. Several factors—including a building’s sales history, prominence and CityRealty’s rating for the property—are used to determine which buildings are included in the index. This report tracks the performance of those buildings through September 30, 2016.
During the six-month period starting April 1, 2016 and ending September 30, 2016, the average price per square foot was $2,824, which represents a year-over-year price increase of 20%. In fact, the Q3 price-per-foot average, $2,897, represented an all-time quarterly high for the index. The median price per square foot was $2,562, which was an 18% increase from a year ago. Prices rose in part because of the dozens of closings recorded in the very expensive new development 432 Park Avenue, as well as continued high prices in properties such as 15 Central Park West and the Time Warner Center.
Over the past ten years, the average price per square foot of properties in The CityRealty 100 has increased at a Compound Annual Growth Rate (CAGR) of 7.4% per year (non-inflation adjusted). This is well above both the ten-year CAGR for the S&P 500 (5%) and oil (-3.4%). Gold (8.2%) has experienced slightly higher price growth than the buildings covered in The CityRealty 100.
6sqft delivers the latest on real estate, architecture, and design, straight from New York City.
