Manhattan’s “super prime” luxury condominium developments, ranked
Knight Frank report recognized those with the highest typical price-per-foot
By Uber high-end, meet incredibly prime. At least that’s what Knight Frank is calling it, in a new report on the highest reaches of the condo market.Though high-end sales failed in Manhattan after 2015, the development of a few of the most costly condo projects ever planned pressed forward, and there’s a brand-new class of “super prime” developments currently available or set to come online by 2020.
The most pricey of the crop is without a doubt Vornado Real estate Trust’s 220 Central Park South, with 90 apartment or condos averaging $8,989 a square foot, according to the U.K.-based brokerage. Extell Development’s Central Park Tower, Zeckendorf Development’s 520 Park Avenue and CIM Group and Macklowe Properties’ 432 Park Opportunity followed on the list, at averages of $7,024, $6,084, $6,026 a square foot, respectively.At number five is the troubled 111 West 57th Street, where JDS Development and Residential or commercial property Markets Group put sales on hold and litigation is plentiful. The asking prices there average$5,753 a square foot.The bottom five consisted of 70 Vestry Street, 53 West 53rd Street, 215 Chrystie Street, the Baccarat Hotel and Residences and, finally, Madison Square Park Tower, which has a typical price per foot of$3,849, less than half the average price at 220 CPS, for example.The report, co-authored by Jonathan Miller and Douglas Elliman’s Andrew Wachtfogel, said continuing worldwide discontent could cause additional safe-havening of global cash into New york city City realty. It’s a factor to supervise the next year, as either sales roll in or prices get cut. The authors also mentioned the falling U.S. dollar, which increases foreign purchasing power in New york city.