The cost of a Manhattan apartment has finally topped the record set shortly before the 2008 economic collapse, a new report says.
Residential real-estate sales during the first three months of 2014 sent the average price of a Manhattan address surging to an all-time high of $1.7 million, according to the Halstead Property real-estate firm.
The previous record of $1.6 million was set during the first quarter of 2008.
Halstead’s latest “Manhattan Market Report,” released Monday, says more than 2,300 condos and co-ops changed hands between January and March, with sellers raking in 98-plus percent of their asking prices.
Co-ops commanded an average $1.2 million, while the average price for a condo was almost $2.4 million, the report says.
Demand was especially strong on the Upper East Side, where three-plus bedroom pads sold for an average of $6.2 million, up 57 percent from a year earlier, and condo prices reached an average of $1,802 per square foot.
Downtown was also hot, with the average cost of a larger apartment up 64 percent, to more than $5.3 million.
“This isn’t just one segment of the market, and that’s a very healthy sign,” Halstead CEO Diane Ramirez said.