Median prices for new-development luxury condos in three of Manhattan’s glitziest neighborhoods dropped substantially during the third quarter, according to a new report from research outfit StreetEasy (PDF here). From trendy downtown Manhattan all the way through the glamorous Upper West Side (and even midtown in between), median prices for top-tier newer condos declined quarterly by 29.1 percent, 31 percent, and 32.4 percent, respectively.
The Upper East Side was the only neighborhood with a median sales price increase among new luxury developments (nearly all condos), with a jump of 145 percent. (StreetEasy defines the luxury market as the top 10 percent of the condo and co-op sales marke; for this quarter, it included all apartments sold at $3.1 million and above.)
The flagging new-development market lagged the luxury resale market, which also declined, but not by nearly as much. The median price for new luxury condos was $4.1 million in the third quarter, down 16.1 percent from the prior quarter and 14.6 percent less than the same time last year. Resold luxury apartments had a third-quarter median price of $4.395 million.
Of the 325 luxury apartment sales in Manhattan in the three months ending Sept. 30, 200 were resold apartments and 125 were in new developments. Luxury co-ops accounted for 56 percent of the luxury resale market, and their number inched upward 2.8 percent to 112 in the third quarter.