< All Press

Manhattan apartment price soars by 80% in 10 years

If you plan on buying an apartment in sexy Manhattan, you better do it quick. According to new figures, the price for city apartments has dramatacially increased by 80 percent or more over the last ten years. NY Post reports that the average price of a single square foot was a mere $617 back in 2002. Now it stands at $1,087.

According to NY Daily News, the average sales price in Manhattan is now $1,426,912, which is a massive 80% higher than the average in 2002, according to a new report from Prudential Douglas Elliman.

“The big message is: steady, steady, steady, safe, safe safe,” said Steven James, president of the Manhattan brokerage firm for Prudential Douglas Elliman.

“While the national market is still declining, Manhattan has been stable for two-and-a-half years,” said Jonathan Miller, CEO of appraisal firm Miller Samuel, which compiled the Prudential Douglas Elliman Report.

Last year saw the record-breaking sale of a luxuriant 15 Central Park West apartment for $88 million to Russian billionaire Dmitry Rybolovlev, who then handed the apartment straight over to his ever-so-fortuitous 22-year-old daughter.

Get Weekly Insights and Research

Housing Notes by Jonathan Miller

Receive Jonathan Miller's 'Housing Notes' and get regular market insights, the market report series for Douglas Elliman Real Estate as well as interviews, columns, blog posts and other content.

Follow Jonathan on Twitter

#Housing analyst, #realestate, #appraiser, podcaster/blogger, non-economist, Miller Samuel CEO, family man, maker of snow and lobster fisherman (order varies)
NYC CT Hamptons DC Miami LA Aspen
Joined October 2007