Manhattan’s Cheaper Co-Ops Spark Some Demand in Slow Market
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At a time when demand for most Manhattan apartments is still declining, there was an exception last month: cheap co-ops.
Contracts to buy co-op units for $500,000 to $999,000 jumped 12% from a year earlier, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. In the range of $1 million to $1.99 million, pending purchases climbed 9.9%. The annual increases were the first for co-op contracts at any price point in data going back to May.