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Downtown Manhattan Real Estate Outprices Uptown Market

A slew of new luxury towers has pushed downtown New York City prices above those for their counterparts to the north.

Well-heeled New Yorkers are on their way down.

The average asking price for a downtown luxury apartment was $2,777 per square foot in the fourth quarter of 2012, compared to $2,685 per square foot in comparable units above 34th Street. The data, collected by the Corcoran Sunshine Marketing Group and first reported by The Real Deal, is based on a survey of 140 luxury condo and co-op buildings in Manhattan. It showed a 28 percent jump in downtown prices from 2011, while uptown prices remained relatively flat.

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