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July 2, 2009

Big Apple real estate takes a ‘nosedive'

  • One of the city's largest real estate brokerages said there was ‘virtually no business' in the second quarter.
    • By J.W. ELPHINSTONE
    AP Real Estate Writer

    NEW YORK — Apartment prices in the typically resilient Manhattan market plunged in the second quarter by the largest annual amount in decades, data released today showed.

    The median price fell between 13 and 19 percent from a year ago, according to four separate reports, and sales were off by half from last year's totals.


     
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