The skyrocketing price of land and numerous small deals drove the real estate market in every borough. Manhattan pricing, naturally, bounded the highest as residential condominium sales prices, office leasing and retail rents remained on an upwards trajectory.

With investors seeing value in the land and location, both retail and office rents vroomed to city highs and racked up sales at the fastest pace since 2009.

Roughly 76 buildings traded for over $20 million for what will likely be a total of $29.2 billion. But 442 buildings of all types traded for over $10 million each, for a total of $39,786,647,190.

Stephen Shapiro, SVP, JLL’s NY Capital Markets Group.

According to JLL, the average deal size above $10 million in 2007 was $140 million but dropped to just over $90 million last year. “There is more activity but at smaller deal points,” said Stephen Shapiro, a senior vice president in the capital markets group at JLL.

There were 41 Class A office sales in 2007 and this year just six full sales took place as trophies were few and far between but attracted voracious bidders from around the world.

“The scarcity premium is so real that investors are willing to pay up,” said Shapiro. In the previous cycle, the average pricing was $940 per foot; today it is up by $400 per foot to $1,344 per foot.

Douglas Harmon at Eastdil Secured sold all or portions of 50 buildings that totaled up to $20 billion, with three of them trading for over $1 billion. Harmon’s full sales of 35 buildings totaled $11 billion while he oversaw 14 joint ventures and large stakes that were valued at $10 billion.

His 2015 sales are also gathering steam as buildings under contract to close later this year include the Waldorf Astoria to the Chinese Anbang Insurance and 1095 Sixth Ave. to the Canadian firm Ivanhoe Cambridge.

757 Third Ave. could sell in the $800s per foot.Imogen Brown

Additionally, Harmon’s team has 757 Third Ave. on the market for RFR Holdings with pricing that will be in the $800s per foot.

Harmon says there are many factors that contribute to making Manhattan’s real estate so valuable but the most important is “the landlocked, scarcity of our developable land.”

Land values skyrocketed in 2014, Harmon says, mostly driven by the “new world condo order” where the most attractive sites can be developed with apartments that can be sold for several times more than the historic per square foot value averages.

JLL figures show 47 Midtown land development sites sold for an average of $600 per developable foot; 40 in Midtown South which includes areas of Chelsea, TriBeCa and the Meatpacking District for $735 per foot; 15 Downtown for $501 per foot and three Uptown for $141 per foot.

It was the condominium and retail potential that drove the pricing for the office building at One Wall St. to $585 million.

Sold by BNY Mellon through Darcy Stacom and Bill Shanahan at CBRE, it went to a group led by Harry Macklowe. The historical building is expected to be reinvented into a condominium and rental apartments and include an expansive swath of 350,000 square feet for retail at Broadway that is now being targeted by national retailers.

Condo developer Michael Shvo bought a downtown site at 22 Thames, a k a 125 Greenwich, for around $180 million through Andrew Scandalios at HFF. HFF’s Eric Michael Anton believes land prices will keep going up in 2015, but not as fast as last year because the sales of condominiums over $10 million slowed down as buyers anticipate 500 new sky high units to choose from with prices over $5,000 per foot.

BNY Mellon sold One Wall Street for $585 million, through CBRE, to a group helmed by Harry Macklowe.Tamara Beckwith/NY POST

According to Douglas Elliman the average price of a luxury unit in Dec. 2014 was $7,402,207, up 19.3 percent from $6,206,155 in Dec. 2013. There were also 1,440 units available in new developments on the market – twice as many as the 709 available in Dec. 2013 and sales were taking longer to conclude.

Uptown, another trophy office building being marketed by CBRE at 230 Park Ave. will soon fetch over $1.1 billion for its potential to raise office rents, and increase retail and signage income. CBRE declined comment.

That building also has air rights that can be transferred within the current Grand Central special zoning district and the Vanderbilt Corridor that is still going through the Uniform Land Use Review Procedure. The upcoming One Vanderbilt between E. 42nd and 43rd streets to be developed by SL Green Realty Corp. is also going through ULURP.

The sale of the Metropolitan Transportation Authority headquarters at 347 Madison Ave. through Cushman & Wakefield is down to finalists who will use it as a development site that will also benefit from the district’s zoning.

Downtown saw many sales last year that will bode well for 2015. The office building at 32 Old Slip, a 36-story, 1.1 million-square-foot tower by the East River is in contract to RXR Realty for $675 million. Nearby, the 480,000-square-foot 160 Water St. was sold to Emmes Realty for $165 million. Emmes previously purchased its twin at 180 Water. and the entire corridor is expected to pick up as the South Street Seaport reopens and the Howard Hughes Corp. continues with its area revitalization.

“Some of the secondary office markets are becoming more primary,” said Anton, senior managing director at HFF, pointing to the Garment Center where some buildings like 1407 Broadway are turning over for a second time.

The same is true in the Park Ave. South corridor as early investors have renovated and leased up buildings such as 315 PAS and 386 PAS which were contracted to be resold through Eastdil’s Harmon and will close this year.

“In 2014 it seemed like the whole world woke up to the reality that New York City is the `IT’ city to visit, shop, work, live and invest in,” Harmon said. “As the dollar has strengthened, so has the attractiveness of our city to those who have substantial wealth to invest.”

New money is still pouring into the city from all over the world and looking for a safe haven, agreed Peter Hauspurg, CEO of Eastern Consolidated.

“Cap rates are so low they are not buying for a return but taking advantage of getting great assets,” said Hauspurg. While there is new Russian money fleeing Putin’s derailing economy, Hauspurg says the Chinese are “winning the dollar race.” “They want to spend $100 million and up and are looking for good development sites and to make equity investments,” he said.