1st Quarter Market Report 2009

An 87% decline in closings over $10M from the 1^st quarter of 2008 helped bring the average Manhattan apartment price down

11% to $1,0502, 399. The data for the first quarter of 2008 were significantly inflated due to the many closings at 15 Central Park West and The Plaza.

The median price actually rose 6% over the past year to $907,500 as new developments accounted for a larger percentage of closings. Overall, 58% fewer transactions were recorded compared to the same period in 2008.