The average cost of Manhattan real estate is $1,773 per square foot, followed by San Francisco at $902/ft. The reason for this is the high pricing per foot at many of the new condominium developments throughout the City. The most expensive property per foot in Manhattan is listed at $10,054/ft. Though there are only a handful of properties at this high price point, they play a major part in skewing the average.
It is still possible to find luxury properties in Manhattan at a reasonable price per square foot. One of our listings located at 132 West 81st Street, for example, is a newly renovated, 20’-wide single-family townhouse in a prime location in Manhattan. The total above-grade square footage is about 6,300 with an asking price of $10,488,000, bringing the price per square foot to $1,665, which is below the borough-wide average.