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Real Estate

New York Homebuyers Are Searching Everywhere But Manhattan

Tour Of AKA United Nations Hotel Condo Crowdfunded Project

Photographer: Michael Nagle/Bloomberg

New York area homebuyers are still hesitating on Manhattan while piling into the suburbs and Brooklyn.

Contracts to buy Manhattan co-op apartments declined 26% in August from a year earlier, while pending condo deals plummeted 38%, according to a report Wednesday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.