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03

Manhattan Apartment Prices Top $2 Million While Condo Glut Looms

By Tony Seruga

New-development closings reflect `different time’ in market
Luxury homebuying frenzy now showing signs of a slowdown

The average price of a Manhattan apartment topped $2 million for the first time, reflecting the closing of deals from a high-end buying frenzy that’s now showing signs of a slowdown.

Buyers in the first quarter took ownership of condominiums in some of New York’s most-expensive developments after signing contracts as far back as three years ago, when construction was just starting on many of the buildings. The prices they agreed to are only now showing up in public records, skewing sales data in a way that masks the recent declining appetite for luxury homes, according to Jonathan Miller, president of appraiser Miller Samuel Inc…

Manhattan Apartment Prices Top $2 Million While Condo Glut Looms

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