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Businessweek Archives

Manhattan Real Estate Sales Plunge

Manhattan real estate sales plunged more than 40% in the fourth quarter to 2,500 units, accoding to the latest survey from the Corcoran Group brokerage firm.

Median sales prices for all properties inched up 3% to $937,000, according to the firm. But that was only because sales of some pricey new condos lifted all boats. Look only at sales of existing units and prices fell 4% in the quarter, to a median of $759,000.

What will that buy you exactly? Not much by the standards of the rest of the country. Corcoran’s Web site lists an open house this weekend for the 1,200 square foot one bedroom apartment on West 78th St. pictured above. The price: $795,000.

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