Manhattan real estate prices hitting new records
Prices soaring despite increased supply on market
It’s a great time to be a multimillionaire. But then, when is it not?
In New York – like Monaco and Hong Kong – real estate prices have passed high and are trending towards silly.
Prices for previously owned Manhattan condominiums rose to a record last month even as an increase in the supply of units eased competition among buyers.
An index of resale prices climbed 1.1 percent from June to reach the highest level in data going back to 1995, StreetEasy.com, a New York real estate website, said in a report today. The inventory of condos on the market grew 5.4 percent from a year earlier, the biggest annual gain since October 2009.
The market is still tight, with the number of available condos about 16 percent below the five-year average for Manhattan. That will continue to drive up prices, according to StreetEasy, which projects a 0.4 percent increase for August.
It’s part of a trend lately.
In August we got word of House No. 1 in Hong Kong, the modest-sized penthouse that is going for about $22,677 per square foot, the highest amount recorded. At a mere 4,661 square feet, that’s about $106 million.
Then came word from sultry, sly, sexy Monaco that a penthouse on the boards is set to top $400 million for its 35,500 square feet, which is obviously pricier overall but cheaper by the square foot – $11,267 per square foot.
America’s entry into the expensive penthouse arms race beats Monaco but it’s a pale reflection of what the Far East is offering – the 9,500-square-foot eyrie atop New York’s iconic Woolworth Tower Residences is going for $11,700 per square foot, or $110 million.
Alchemy Properties’ offering plan for the condominiums at the Woolworth Building was just approved by the New York Attorney General’s office. The plan reveals that the $110 million penthouse atop the iconic tower — a unit that has been christened the “Pinnacle” — will span 9,400 square feet with just under 500 square feet of outdoor space.