Luxury deals push Manhattan apartment prices to pre-crisis peaks

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 Tues…