Luxury deals push Manhattan apartment prices to pre-crisis peaks
Median price of completed purchases jumps 17% to US$1.15m, the highest in 27 years
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New York
MANHATTAN home prices surged to a record in the fourth quarter, propelled by closings of luxury deals in new developments that were agreed to years ago, when construction was just starting on many of the buildings.
The median price of all completed co-op and condominium purchases in the borough jumped 17 per cent from a year earlier to US$1.15 million, the highest in 27 years of record-keeping, according to a report on Tuesday by appraiser Miller Samuel Inc and brokerage Douglas Elliman Real Estate. That tops the previous peak of US$1.03 million, set in the second quarter of 2008, before the collapse of Lehman Brothers Holdings triggered a plunge in property prices and a near standstill in sales.
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