It’s Official: Manhattan Apartments Are Insanely Expensive

Dec. 18, 2015 — For the first time, the median price of co-op and condo apartments in Manhattan shattered the $1 million barrier in 2015.

As reported by CityRealty, the median price of Manhattan apartments rose from $970,000 last year to $1.1 million in 2015. The rise was driven by the high end, exemplified by a 13,544-square-foot unit in towering One 57 that sold for $91.5 million.

Despite the rise in sales prices, the number of sales actually declined slightly, from 12,900 in 2014 to 12,700 this year. And the mega-prices appear to be softening.

“We have seen fewer sales in the $10 million range,” says Gabby Warshawer, a spokeswoman for CityRealty.