Happy New Year! 

Get out the checkbooks, your going to need them. 

I won't rehash the article, just check out the link below.

MANHATTAN DEFIES $LUMP

All I will say is that Apartment prices are going INSANE.  If the new planned Columbia expansion happens, watch out! If you own property up that way it is going to skyrocket much like Coney Island has and they haven't even taken a shovel to the ground. 

If you look to Long Island City the base price for

    500 sq ft Studio is about $2000 give or take $100.  

    1000 sq ft Live / Work loft $3200

    696 Sq Ft 1 bed Apartment w/ terrace $1900

As you can see the $1200 Artist Studio is almost a thing of the past or maybe in Idaho :)