Manhattan transfers in real estate hit record highs in 2014

The Manhattan Skyline

The Manhattan Skyline Image by Sigmar / CC BY 2.0

It’s the mecca of American and New York tourism as millions flock annually into Times Square, Radio City and Central Park to visit these world renowned centres.

Manhattan is a traveller’s paradise with the American Museum of Natural History, Apollo Theater, Empire State Building, Rockefeller Center, and St Patrick’s Cathedral among a myriad of must-see sites  within a short distance.

But it’s not just visitors who love the place – the US and world's mega-rich want to live there and are prepared to pay top dollar to do so.

The New York Times reports that the market has surpassed its previous peak of 2008 when the financial crisis hit. The average sales price reached a new high of $1,718,530 (£1,129,120) last year, outstripping the record set seven years ago when the average sales price for the year was $1,591,823, (£1,045,870) according to Jonathan J Miller, the author of a report for Douglas Elliman Real Estate.

Although the middle market for apartment sales are less affected than the high-end of sales, the average price was still just under $1m per unit.

“It was an extremely strong year,” said Sofia Song, the head of research at Urban Compass, which reported record dollar volume in the fourth quarter of 2014 with approximately $5.4 billion in closed deals.

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