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Manhattan apartment prices tumble 11%

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Editor's note: This article is reposted with permission by The Real Deal. Click here to view the original article. By CANDACE TAYLOR NEW YORK -- A Prudential Douglas Elliman report depicts the spectacular rise of home prices over the past decade, but also the sudden -- and definitive -- arrival of the real estate slump in Manhattan. In 2009, Manhattan co-ops and condos saw year-over-year declines for the first time since 1996, the report shows. The average 2009 apartment sold for $1.39 million, down 12.5 percent from the previous year. The median price dropped 11 percent to $850,000 from 2008, while the average price per square foot sank 14.2 percent to $1,073. Other areas of the country have seen real estate activity and prices decline gradually over the past few years, but the Manhattan real estate market was still booming until the Lehman Brothers collapse in the fall of 2008. In fact, Manhattan prices set new records in 2008. That year, the aver...