Manhattan development assists in record-breaking prices

  • According to the report, resale apartments hit a median $965,000 .
  • The average price for a resale condo, specifically, fell 5 percent to $1,956,165.
  • The absorption rate, or how many months it would take to sell all active listings in a given market, rose 4.4 months in March
  • With new development units hitting the market at high rates, closings skyrocketed.

Just when you thought Manhattan’s residential prices couldn’t get any higher, they push the envelope a little further. Encouraged by new luxury developments, average Manhattan apartments have hit $2,081,762 — a 13 percent increase from 2015, according to a recent report from Brown Harris Stevens.