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Manhattan Apartment Prices Drop 9.9% as Condo Sales Tumble

Manhattan apartment prices dropped in the first quarter as condominium sales plummeted and new-development deals made up the smallest share of the market in almost seven years.

The median price of all properties that changed hands in the quarter fell 9.9 percent from a year earlier to $782,071, appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate said in a report today. Total sales were little changed at 2,394 as demand for co-operative apartments offset the plunge in purchases of condos, which tend to be more expensive, said Miller Samuel President Jonathan Miller.