CityRealty, the information resource center for luxury apartments in New York City, announced the launch of its new CityRealty 100. The bimonthly report will be based on the CityRealty 100 Index, which compiles historical sales and current listing data for the top 100 condominium buildings in Manhattan. Highlighting sales and listing activity (along with movement and trends in pricing for top-tier luxury apartments in New York City), the report will be used to track the performance of the CityRealty 100 Index for the preceding two-month period.
"Since 2003, the average price per square foot of properties in the CityRealty 100 has increased at an annual growth rate of 6.2 percent per year," said Pete Culliney, CityRealty's director of research and analytics. "This historical performance compares very favorably to the S&P 500, which has delivered an annual growth rate of 5.1 percent during the same period."
The inaugural list, which is on CityRealty’s website, tracks performance for the two-month period ending June 30, 2013. The report conveyed that 147 apartments were sold during May and June 2013, with an average price per square foot of $1,901, representing an annual price decline of -0.7 percent from the same period 12 months ago. However, since 2003 the average price per square foot of properties in the CityRealty 100 increased at a compound annual growth rate (CAGR) of 6.2 percent.
Additionally, the digest notes that the most expensive building on a per-square-foot basis based on trades during the year ending June 30, 2013, was 15 Central Park West, with an average price per foot of $5,203. The most expensive Index sale during the report period was Unit #PH48A at Trump International, a five-bedroom, 4,489-square-foot penthouse apartment which sold for $21.85 million.
