The cost of buying an apartment in Manhattan feel in the first quarter of the year, new research has shown.
A report by appraiser Miller Samuel, and broker Prudential Douglas Elliman Real Estate, said that condominium sales plummeted and new development deals made up the smallest share in the markets for the first time in seven years.
According to the figures, the average price of property that changed hands in the first three months of the year was $782,071, down 9.9% compared to the same period last year.
Total sales in Manhattan stood at 2,394 in the first quarter. Jonathan Miller, president of Miller Samuel, said the figure was largely unchanged from a year ago as demand for co-operative apartments offset the fall in purchases of condos.