A Manhattan Apartment Now Costs an Average $2 Million

December 14, 2016, 8:15 PM UTC
Luxury High-Rise Real Estate Across New York's Central Park South
Robert Nickelsberg—Getty Images
Robert Nickelsberg Getty Images

Manhattan real estate prices set a record high in 2016, according to CityRealty’s year-end market report for the New York City borough.

The average price for an apartment, including condominiums and co-ops, exceeded $2 million, topping last year’s record of $1.9 million. Co-ops and condominiums sold at an average price of $2.2 million in 2016, the report said. The median price for apartments, $1.2 million, was a 9% increase from 2015, when the median price was $1.1 million.

Condominium prices reached a new record as well, at $3.1 million, surpassing 2015’s price of $2.6 million.

Manhattan co-op prices dipped slightly to $1.3 million in 2016 from $1.4 million last year. The median price grew, however, to $825,000 from $785,000.

About half of the 25 most expensive apartment sales this year were at 432 Park Avenue, the residential skyscraper that overlooks Central Park.

According to the report, average Manhattan apartment prices have increased by 91% since 2006.