Industry News

Manhattan real estate prices stabilize

East Side condos priciest in second quarter

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Median sales prices for Manhattan apartments remained steady in the second quarter of 2006, with some areas seeing moderate increases, although not as robust as in previous quarters, the Real Estate Board of New York reported Tuesday. The median sales price for Manhattan condos in the second quarter was virtually unchanged at $835,000, REBNY reported, while the cooperative median price inched up 1 percent from a year ago to $685,000. REBNY's Quarterly Residential Report incorporates sales data from Manhattan's largest brokerage firms and a host of smaller residential brokerage firms. The most sizable gains for the quarter were for East Side apartments, which climbed 5 percent to $870,000, led by East Side cooperatives, which had median sales prices jump 15 percent to $875,000. West Side condominiums also showed strength with median prices climbing 9 percent to $850,000. Median sales prices per square foot for Manhattan condominium units increased 5 percent to $1,012, with East Side ...