Manhattan apartment prices soared to record levels in 2014, propelled higher by both a rush of expensive new condominiums affordable only to multimillionaires and rising prices on older co-op buildings.

The average price of a Manhattan cooperative or condominium topped $1.68 million in 2014 for the first time, an increase of more than 16% from 2013, and 10% above peak prices in 2008 during the last real-estate boom, an analysis by The Wall Street Journal found.

The median price for an apartment was $911,000, also a record, up 6.6% from last year and 0.6% from a peak in 2008.

The surge in Manhattan real-estate prices is attributed to rising wealth among a narrow slice of high-income New Yorkers and buyers from elsewhere, some analysts said. They say stronger economic growth, a booming stock market and solid bonuses in the financial sector are helping. The Dow Jones Industrial Average closed Friday at 18,053.71, a record high.

“The record pricing is being driven by a stock market which is at record highs, as well as foreign money which is seeking a safe haven in a sea of global economic turmoil,” said Dolly Lenz, a New York-based broker.