June, as noted, was the dizziest, ritziest month in the history of New York City’s luxury real-estate market, as high-end buyers opened their checkbooks to beat the July 1 arrival of a “mansion tax” and increased transfer taxes. More than 600 homes traded for over $2 million during the month, the priciest being the $80 million Amazon CEO Jeff Bezos paid for three apartments, including a penthouse, at 212 Fifth Avenue near Madison Square Park.
Based on an analysis of the top 25 transactions by The Real Deal, condominiums dominated the list, though townhouses accounted for a healthy one-third of the top sales. Here’s the surprising news: the biggest sales, all in Manhattan, were concentrated in Tribeca, Billionaires’ Row, and the Upper East Side – but Park Avenue co-ops, once the bluest chip of city real estate, did not account for a single one of the top 25 sales.
“They are no longer the market leaders in the high-end space,” says appraiser Jonathan Miller, “as the past five years have seen them lose significant ground to condos.”
Engage, enrage, ask questions and give answers with your community of board members. Submit your questions and comments here!
Thinking of buying a co-op or condo? Already bought, and not sure how co-op/condo life and rules work? Learn all about purchasing a place and living in your new community. It's not like renting, and its not like owning a house. What's it like?