Historic drop for Manhattan housing market

By News on the Net —— Bio and Archives April 5, 2009

Comments | Print This | Subscribe | Email Us

NEW YORK — The recession has hammered confidence in the Manhattan real-estate market, with first-quarter sales falling to their lowest number in decades, experts said.

Three reports released Thursday estimated a plunge in sales of Manhattan apartments between 47.6 and 60 percent, although some real-estate firms reported median sale prices rose slightly. "It's the largest I've ever seen," said Jonathan Miller, president of the Miller Samuel consulting firm, which has tracked similar data for 20 years. More...