While 2018 has begun on a higher note, Manhattan had the lowest sales volume in six years in the fourth quarter of 2017, as buyers and sellers waited to see what the results of the new U.S. tax bill would be, according to a report from Douglas Elliman.
The average sale price dipped below $2 million for the first time in seven quarters, as a large inventory of new developments continued to be sold off.
The average sales price for Manhattan luxury was $7,580,185, down 6.3% from the last quarter and down over 20% year on year.
Across the river, Brooklyn performed the best of the five boroughs. The average price in Brooklyn was $948,706, down 3.4% from the last quarter.
The average sales price for Brooklyn luxury was $2,787,519, down 3.6% from the last quarter. There was a slight increase in sales, and inventory reached a record low in Brooklyn.
Now, spring marks the launch of exciting new developments, designed by “starchitects” such as David Adjaye, Robert A.M. Stern and Richard Meier, and featuring unique luxury amenities such as IMAX theaters, personal trainers and private workspaces.
Architect Robert A.M. Stern has designed the transformation of this 1908 landmarked building, originally created by famous New York Beaux Arts architectural firm Hiss and Weekes.
This 14-story, 80-unit condo conversion spans a whole city block and features a landscaped garden and porte-cochere. Robert A.M. Stern is responsible for 15 Central Park West, one of the most sought-after buildings in the city.
Sales will launch in April.
Number of units:80
Price range:To be announced
Developer/Architect:HFZ Capital Group/Robert A.M. Stern Architects
Apartment sizes:One to five bedrooms
Amenities:Landscaped garden, porte-cochere
Website:thebelnord.com