Over the last two months, sales volume across Manhattan’s residential real estate market increased by over 25% year-over-year, with November marking the sixth consecutive month of year-over-year sales growth. New Development luxury condo sales were particularly noteworthy, recording the most significant annual gains each week compared to last year. Given this significant trend, we will focus on the Upper West Side luxury condo market with some notes on comparisons to the luxury co-op market.

It is especially significant that this year, condo contracts in the luxury segment on the Upper West Side outpaced luxury co-op contracts by more than 4:1, with New Development sales making up nearly 50% of those condo contracts. Many large co-op apartments are facing challenges selling due to outdated renovations and limited building amenities. Additionally, the cost of renovations has risen significantly over the past five years, making it more difficult and expensive to modernize and remain competitive in the luxury market.

Key Takeaways from the $4M+ Upper West Side Condo Signed Contracts in 2024:

• There have been 173 contracts signed this year. (vs. only 40 co-op contracts)
• Nearly 50% of these condo contracts were in new developments.
• Ninety (90) of these contracts signed this year have since closed. (some new developments have not begun closing, such as 50 W. 66 and 211 W. 84)
• Among the 90 closed sales, the average square footage was 2,891, with an average price per square foot of $2,497. The average sales price was $7.04M with an average discount off the last asking price of 6.2%. (the average last asking price was $8.628M)
• The highest closed condo sale was Apt. 47BC at 1 Central Park West at $25.3M (Resale). The highest last-asking price of those pending is Apt 52E at 50 West 66th Street at $54.5M (New Development).
• The average days on the market for all the contracts signed were 213. Many new developments were never officially on the market or didn’t tally their days since they have not closed.
• By comparison, the average sale price of the $4M+ Upper West Side co-op contracts signed this year that are closed is $6.541M, with an average discount off the last asking price of 3.8% and a discount off the original asking price of 13.1%.
  

Forty-six percent (46%) of the condo contracts signed were in recent new developments, totaling 80 contracts. Several new developments have launched sales in the past two years, including:

50 West 66^th Street: Built in 2024 with 70 stories and 127 units, the elegant building is located between Lincoln Center and Central Park. Currently, 41 units are in contract over $4M, representing nearly 25% of the condo contracts above $4M signed all year.

15 West 96^th Street: Built in 2023, this 22-story luxury boutique condominium has 21 units. Twelve $4M+ units went into contract this year, nine of which have closed.

211 West 84^th Street: The Henry is a boutique building designed by STARchitect Robert A.M. Stern. Sales started in September 2024, and fifteen units have gone into contract this year.

393 West End Avenue: Sales started in April 2022. Eleven $4M+ units went into contract this year, nine of which have closed.

200 Amsterdam Avenue: Sales started in September 2019. Eight $4M+ units have gone into contract this year, five of which have closed.

New development projects are particularly appealing to buyers, especially pied-à-terre buyers seeking luxury buildings with extensive amenities. Many are attracted to the latest designs and high-end finishes, often created by renowned architects and interior designers. In addition, buyers are often drawn to the appeal of being the first purchasers of a brand-new unit.

Sales of apartments in New Development buildings often lead to a significant increase in average condo prices compared to those in resale buildings. However, there are exceptions, such as apartments at 15 Central Park West, which consistently command premium prices. Since design and style trends evolve over time, what was in demand a decade ago may no longer be as desirable today. As a condominium seller, it's crucial to consider this when pricing your property.