In a surprising twist, the Park Laurel — a condominium development that hasn’t been the new kid on the block since 2000 — had the priciest condo sales of any Manhattan luxury building for the year ending June 30, according to a debut report from real estate database CityRealty, released exclusively to The Real Deal.
The new report, which will be released bimonthly, tracks closed sales and listings based on the website’s existing CityRealty 100 Index, which is comprised of the top 100 luxury condo buildings in Manhattan, ranked by a variety of criteria selected by the firm’s executives. (The CityRealty 100 does not include co-ops.)
“Where everything else is looking at a market average, the CityRealty 100 gives you a picture of what’s happening at the premiere level of condos in the city,” said Pete Culliney, CityRealty’s director of research and analytics.
Some 147 condos at CityRealty 100 buildings were sold during the two-month period beginning May 1 and ending June 30. The average price per square foot of these sales averaged $1,901, a decrease of 0.7 percent year-over-year, the report shows.
With an average price per square foot of $5,508, the Park Laurel at 15 West 63rd Street had the most expensive sale prices for the 12 months ending June 30, but that did not stop the famed 15 Central Park West from stealing the thunder in several other categories that CityRealty tracked.
The Robert A.M. Stern-designed development was the most expensive building in the city during the year-long period, clocking in at $5,203 per square foot for completed sales. That was an 11.6 percent increase in price each year since the building hit the market, the report shows.
The Time Warner Center at 25 Columbus Circle and the Millennium Tower at 101 West 67th Street were distant runners-up as the second and third most expensive buildings in Manhattan, averaging $4,454 and $4,208 per square foot, respectively, for completed sales in the past year.
“The Park Laurel took a big jump over the last year,” Culliney said. “I’m sure we’ll see the Park Laurel tamper down in the next few months, but there’s been a good run of trades there.”
Among those deals was Goldman Sachs executive J. Michael Evans’ sale of his Park Laurel apartment for $23.75 million in January and Hollywood producer Riza Azia’s $33.5 million purchase in the building in December, The Real Deal previously reported.
Overall, the most expensive individual Manhattan condo sale in the two-month period of May and June was Johnson & Johnson heiress Elizabeth Ross Johnson’s penthouse at Trump International Tower, which sold for $21.85 million.
On a price per square foot basis, the most expensive unit to sell in May and June was also at 15 Central Park West. Unit 7K in the building sold for just $5.2 million but $5,073 per square foot.
Since 2003, the average sale price per square feet for properties in the CityRealty 100 has increased 6.2 percent, the report shows.
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