The median sales price for a normal house stood at about $830,000, affirming the existence of buyers in the market. Nevertheless, the high-end market also remained upbeat, with the upper-class willing to spend millions of dollars to acquire some of the best properties in the finest neighborhoods. The city’s luxury residential real estate market, made up of stunning penthouses and condos rich with amenities and townhomes, remains a key attraction.
However, a prolonged scarcity in the market, high prices and high mortgage rates pose the biggest threat to the New York property market. High-interest rates and inflation are some of the major headwinds that continue to affect the sector.
220 Central Park South, Penthouse 73 $188 million
The most expensive transaction in New York happened at the start of the year at Central Park. A Hong Kong asset management company, paid $188 million for a penthouse owned by billionaire investor Daniel Ochi.
It was a good return on investment as Ochi had paid $92.7 million for the duplex barely two years ago. The $188 million price is the second highest price ever paid for a home in New York, all but affirming 220 Central Park’s status in Manhattan.
Widest townhouse $53M
One of the most surprising 2022 real estate deals in New York was the sale of one of the city’s widest townhouses for $53 million. The 23,000-square-foot townhouse has a fascinating story as it was built in the 1930s for one of the members of the Vanderbilt clan. In previous years it has housed the permanent mission of Romania to the United Nations.
Carlen Hobbs sold the home for $52.5 million after using it over the years as a home and gallery. The property had previously been listed in the market for $68 million but was pulled from the market as the owner wanted an off-market deal.
UES Townhouse 12 East 63rd Street — $56 Million
The UES townhouse off 12 East 63rd Street was previously listed for $77 million in 2015. However, the 10,700 square feet townhouse closed in 2022 for $56 million. Greenfield Properties LLC bought the property in 2010 at the height of the financial crisis for $19.6 million.
The home comes with seven bedrooms and eight and a half bathrooms. It also features a basement that houses a 20-foot swimming room, massage room, and fitness studio.
Cheap Manhattan Studio
As a financial hub, properties don’t come cheap in New York. For instance, the average price for a studio apartment is usually $500K Therefore, it came as a surprise that an upgrade studio apartment sold for $250,000 last year.
Located in the Turtle Bay neighborhood of Manhattan and 580 square feet in size, the studio was one of the most surprising 2022 real estate deals in New York as it is located in a strategic location. The studio was also renovated and modernized to the highest standard and offers an excellent view of the Chrysler building.
2 Bedroom apartment for $407,000
The average sales price for a 2-bedroom apartment in New York City is $1.4 million. Considering the high demand, anything going for less than $1 million is usually a bargain. A 2 bedroom apartment in the famous Lenox Hill neighborhood going for $407,000 was one of the most surprising 2022 real estate deals in New York.
At 950 square feet in size with three different exposures and a fully modernized and equipped kitchen, the apartment was a big coup for new users. It also has a full-time doorman, laundry room and landscaped roof deck.
Three Bedroom House for $748,000
Rarely do three-bedroom apartments in New York go for less than $1.5 million. Therefore, it came as a surprise that the duplex house went on sale for $748,000. Located in the Glendale neighborhood of Queens, New York, the property included a private driveway and captor for one car.
It also came with a partially finished basement wall-to-wall carpet, an eat-in kitchen, and a formal dining room. Standing at 1200 square feet in size, the property sits on a lot that is 24 feet wide and 100 feet deep.
The New York property market was a mixed bag of fortune in 2022 as demand for houses cratered due to high interest rates and rising mortgage rates. Even as most people opted to rent rather than buy, the most surprising 2022 real estate deals in New York impressed. The discounted purchases and the high price tags paid for some properties affirmed the market is not immune to macroeconomic conditions.