Pursuits
Manhattan Apartment Prices Decline
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Manhattan apartment prices dropped in the first quarter as new buyers seeking refuge from rising rents drove purchases of lower-cost studios and one-bedroom units to a two-year high.
The median price of all condominiums and co-ops that changed hands in the three months ended March 31 fell 0.9 percent from a year earlier to $775,000, New York appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate said in a report today. Deals totaled 2,311, down 3.5 percent from the first quarter of 2011.