Manhattan sales drop 48%

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The number of Manhattan co-op and condo sales sank 47.6 percent year-over-year in the first quarter, with the median sales price rising 3.1 percent, according to a report prepared for Prudential Douglas Elliman Real Estate by real estate appraisal company Miller Samuel Inc.

Sales were down by the same amount (47.6 percent) compared to the prior quarter, while the median price was down 8.3 percent.