Ultra-luxury unit sales drive records in Manhattan

[NEW YORK] The Manhattan real estate market got off to a robust start in the first three months of the year, as signed contracts for ultra-luxury apartments in new developments began to close, many with multimillion-dollar price tags, according to reports released by major brokerages on Tuesday.

The flurry of activity at the top pushed the number of sales to a seven-year high for the quarter and sent the average price per square foot soaring to a record US$1,363, according to a report by the Douglas Elliman brokerage firm.

Low inventory, high demand and a shift towards larger units in new luxury developments contributed to higher prices.