Luxury Condo Prices Expected to Reach a Record $5.9 Million

April 29, 2015 — According to a report released early this week by CityRealty, the average price of new development units in buildings such as One57 is expected to reach a record $5.9 million this year. Those "slumming it" in a regular old existing Manhattan condo can expect to pay closer to $2.7 million this year. That said, far fewer units are being built now than were build during the development boom of the mid-2000s; therefore, the number of closed sales is expected to increase more modestly than their prices.

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