Apartment costs $1.7 million on average in Manhattan

"Crazy Manhattan." This is what New Yorkers have to say about skyrocketing prices of apartments in Manhattan, New York. According to U.S. media, including the New York Times on Saturday (U.S. time), the average price of apartments in Manhattan amounted to 1.7 million U.S. dollars per unit. Realty brokers say, “The average price is the highest ever, but the record will soon be broken again.”

The New York Times said constant rise of flat prices in Manhattan is being spearheaded by super expensive apartments, which cost over 10 million dollars per unit. Ten units at "One Madison," a lavish condominium building in Lower Manhattan, were traded at 10 million dollars to 15 million dollars each recently, while six units of "One57" condominium right by Central Park, which have yet to be completed, were traded at 50 million dollars. An apartment at Time Warner Center, a famed office-residential building, was traded at 50.91 million dollars. This unit, with a total floor space of 769 sq. meters, has six bed rooms and eight bathrooms. Monthly management cost for the unit amounts to whopping 37,300 dollars.

According to the New Work Times, prices of apartments widely vary even within Manhattan. The average price of flats in Midtown West, an area packed with super luxurious condominium buildings, amounts to 9.5 million dollars, the highest in Manhattan. This translates into 53 times the average price (179,000 dollars) of flats in Harlem, a popular residential district for low-income African Americans.

The New York Times said, "As recovery of the U.S. economy led to increased spending by high income earners in the U.S. recently, it resulted in a spike in the Manhattan apartment market." However, some experts say that Manhattan should be considered a place that is very exceptional adding that many areas in the U.S. realty market remains stagnant.