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Manhattan Residential Market Stays 'Resilient'

NEW YORK CITY-Overall, the prices of apartments rose 11% during the first quarter compared to 4Q 2000. Luxury units in Midtown declined dramatically, however, falling 44% compared to late last year.

By John Howe | Updated on April 24, 2001

NEW YORK CITY-In the face of a slowing economy, broker Douglas Elliman describes Manhattan’s co-op and condominium market for the first quarter of 2001 as “resilient.” The overall average sales price for apartments increased by 11%, to over $876,000, compared to 2000 4Q, and was 19% above the average for the first quarter of 2000.

Two-bedroom units fared best for the first three months of the year, rising 15%. One-bedrooms and studios were not far behind with increases of about 12%, but larger homes lagged well behind. The prices of three-bedroom apartments turned in the worst performance, falling by 12%, while those with four or more bedrooms slipped modestly, by 3%.

The Douglas Elliman Manhattan Market Overview reports that the average discount for the period rose 3.5%, noting that during the 1990-91 recession that rate was a substantial 20%.

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