The Luxury Real Estate Market In Downtown Manhattan Is Booming

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It's conventional wisdom that "blue chip" apartments surrounding Central Park command the highest prices in New York City, beating out trendier Downtown towers on a price per square foot basis.

For the first time in a decade, however, the asking prices for luxury Downtown apartments have outpaced those in Midtown and Uptown, new data show, as developments in Tribeca, Soho and Chelsea demand in excess of $7,000 per square foot.

The average asking price for a Downtown luxury apartment rose to $2,777 per square foot in the fourth quarter of 2012, surpassing comparable units in Midtown and Uptown, where the collective average price was $2,685 per square foot, according to data from Corcoran Sunshine Marketing Group provided to The Real Deal
.

The data, which the new development marketing firm has been tracking for 10 years, is based on a survey of 140 Manhattan luxury condominium and co-op buildings that have asking prices averaging more than $1,700 per square foot. The collective Uptown and Midtown neighborhood is defined by the firm as north of 34th Street and south of 110th Street, while the Downtown neighborhood is defined as south of 34th Street not including the Financial District or Battery Park City.

The growth in the market is the result of a bevy of new luxury towers hitting the market Downtown in recent years, as well as buyers' willingness — and even preference — to seek out homes far afield of Central Park. And while this trend has been on the rise for years, the pace has escalated in the last 12 months.