Manhattan apartment prices hit new high

The average sales price of apartments in Manhattan has reached a new high of almost $2 million.

There were 876 apartment sales in May 2015, according to the latest monthly report from City Realty, roughly on par with April 2015 (880), but the average price for transactions rose slightly: from $1.8 million to $1.9 million, a new record.

There were 367 condo sales, up from 365 in the preceding month, and 509 co-op sales, down from the 515 recorded in the prior four weeks. The average price of each was $2.5 million and $1.4 million respectively.

The top sale was for a 12th floor unit in the Soho condominium The New Museum Building, at 158 Mercer Street. The 7,837-square-foot apartment, which has five bedrooms and five bathrooms, sold for $34 million, or $4,338 per square foot. The second highest sale was for a 6,000-square-foot penthouse unit in the condominium at 737 Park Avenue. The 6,000-square-foot apartment sold for $32.7 million, or $5,440 per square foot.

Downtown was the highest-grossing region in Manhattan, with $323 million in condominium sales. Midtown was the second highest-grossing area, with $227 million in sales.

Downtown had the highest price per square foot, $1,982, which was virtually unchanged from the prior month, and the Upper East Side had the second highest price per square foot of $1,788.