10 Things We Learned About NYC Real Estate in 2014
Just when you thought living in NYC couldn’t get more ridiculously expensive (you never thought this), it did, and the stats are insane. The New York Timesrecently recapped Manhattan’s 2014 Real Estate performance, and we’ve highlighted some of the more holy-crap facts you should know:
1. The real estate market passed its peak in 2008, which is largely due to a strong local economy, surging stock market, and steady foreign interest, all which is awesome if you're already rich, but feels pretty much like a bummer for the rest of us.
2. The median time an apartment was empty on the market hoping you would fill it with your crappy Ikea stuff: 46 days in 2014.
3. The average price per square foot jumped to $1,297, meaning you can have one square foot of space OR 1,297 slices of dollar pizza. Not-decisions, not-decisions.
4. The median apartment price in 2014 was $940,000, meaning you just need about $939,000 more in your savings account and you should be set.
5. Buuuut the average sales price surpassed the 2008 record, reaching a new high of $1,718,530. Wooooo?!?!?
6. The super rich market boomed (does it ever not?) in 2014, there was close to three times the $10 million+ closings in the fourth quarter compared to the same time period in 2013.
7. Extell’s One57, a new tower on West 57th Street accounted for all of the top five sales of the fourth quarter, ALL OF THEM. With the low being $8,819,873 or $4,390 a square foot for Unit 55B, and the high being $56,079,298 or $8,987 a square foot for Unit 82. We assume all the other apts in that building are total steals though.
8. The most expensive sale of the year went to Israel Englander, the chairman and chief executive of hedge fund Millennium Management, who bought a $71.3 million corner duplex at 740 Park Avenue. Another ridiculously rich person, who for whatever reason couldn’t spring for $1.4 million more to get the corner duplex, bought a $70 million penthouse at 960 Fifth Avenue.
9. Providing some theoretical relief is the fact that twice as many new condominium units are scheduled to hit Manhattan in 2015 vs. 2014, leading some real estate watchers to predict a tempering of price growth and a slower pace of sales. And plenty of other people to be annoyed that all those damn new buildings are going up.
10. Just kidding: there won’t be “many bargains” and the Manhattan market will “remain steady or drop slightly". Ugh.