Industry News

Manhattan market still on the rise

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Real estate brokerage company Prudential Douglas Elliman, in a second-quarter Manhattan Market Overview released Tuesday, reported that the median sales price for Manhattan condominium and cooperative sales increased 1.7 percent while the average sales price dropped 3.8 percent compared to the same quarter last year. The average sales price of studio co-ops and condos declined 1.9 percent in the second quarter compared to the same quarter last year, fell 1.7 percent for two-bedroom units, and increased 2.3 percent for one-bedroom units, 17.6 percent among three-bedroom units and 36.2 percent for units with four or more bedrooms. The average sales price for studio units was $442,893 in the second-quarter, $741,267 for one-bedroom units, $1.63 million for two-bedroom units, $4.19 million for three-bedroom units, and $918 million for units with four or more bedrooms. The report was prepared by Miller Samuel Inc., a residential appraisal company. About 44 percent of second-quarter sales we...