No one has ever argued that living in New York isn’t an expensive proposition, but a new report shows just how expensive it is to live in New York’s priciest borough.
According to data from Douglas Elliman (as reported by CNBC), it’s never been more expensive to live in Manhattan than it is right now.
The average sales price for a Manhattan apartment was $1,872,000 in the second quarter, which, according to Douglas Elliman’s data, is an all-time high.
From the CNBC report:
The average co-op price hit a record $1.5 million and so did resales. That's significant since the plethora of high-priced, new condo towers have been the main drivers of prices in recent years. Now co-ops, which make up the bulk of the Manhattan market and are sold mainly to U.S. buyers, are gaining ground.
Still, they have a long way to go—the average sale price for new developments topped $4.1 million, or $2,011 per square foot in the quarter.