At more than $6,000 a square foot, 15 Central Park West towers over the competition
Building reclaims title as Manhattan's most expensive residential address after falling behind One57 last year.
An Upper West Side tower is again leading the way as the most expensive building in Manhattan, reclaiming the title after falling from the top spot last year.
The residential building at 15 Central Park West is the toniest address in Manhattan, with an average price per square foot of $6,039, according to CityRealty’ssemiannual reportwhich examined the top 100 condominium buildings in the borough in the last quarter of 2015 through the first quarter of this year.
Coming in second was last year's leader, One57, at 157 West 57th St., followed bythe Walker Tower, located at 212 West 18th St.; 432 Park Avenue; and the Time Warner Center at 25 Columbus Circle..
The top two residential high-rises also came in one-two in most expensive condo sales – A four bedroom, six bathroom plus condo in 15 Central Park West sold for $45 million, while a three-bedroom, four and a half bath apartment at 432 Park Avenue went for $44.8 million. A second apartment at 15 Central Park West with four bedrooms and five and a half baths sold for $35 million.
Despite continuing as the most expensive place to buy a home among the five boroughs, Manhattan saw a rise in the number of apartments sold.
The analysis found that between Oct. 1, 2015, and March 31 there were a total of 566 apartment sales in the borough compared to 334 sold during the same time period the year before.
According to CityRealty, the increase in sales is a result of a large number of sponsor sales in newer residential buildings such as 150 Charles Street, One Riverside Park and the Greenwich Lane. A sponsor apartment is a unit owned by the original owner or corporation responsible for turning a building from a rental into a co-op, and the sale generally does not require co-op board approval.During the time period, the average price per square foot was $2,602, showing a year-over-year price decrease of 8 percent, while the median price per square foot was $2,344 — a 3 percent increase from the median the year before.
This report comes weeks after an analysis by StreetEasy found that although median resale prices in Manhattan went up by 3.8 percent from last year, there has been a decline in the growth of home prices.
Based on the report, median resale prices are expected to grow by 2.6 percent in the next 12 months, with growth being led in upper Manhattan, followed by the Upper West Side.