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Manhattan apartment sales drop further

With the troubles on Wall Street looming over the city’s real estate market, Manhattan apartment sales have dropped for the third consecutive quarter, reports Samantha Gross.

india Updated: Oct 03, 2008 22:33 IST
Samantha Gross

With the troubles on Wall Street looming over the city’s real estate market, Manhattan apartment sales have dropped for the third consecutive quarter, according to two reports released on Friday.

Sales fell 24 per cent in the third quarter from the same period in 2007, with nearly 35 per cent more units on the market than a year earlier, said real estate firm Prudential Douglas Elliman. The median sales price of a Manhattan apartment was $928,000 in the third quarter, the report said. That was up more than 7 per cent from the same period last year but down more than 9 per cent from this year’s second quarter.

In a separate report released on Friday, real estate firm Brown Harris Stevens said sales volume in Manhattan dropped 14 per cent from the third quarter of last year. Like Prudential, the report showed a slight drop in the median price from the previous quarter with an overall gain from a year earlier.