Manhattan co-op prices dropped the most since 1995 and transactions for all apartments plummeted 48 percent in the first quarter from a year earlier as the recession and Wall Street unemployment cut demand.The median price for co-operative apartments fell 22 percent to $587,500, according to a report today by New York appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate. The median for all apartments rose 3.1 percent to $975,000, led by sales of new luxury condominiums.
By Oshrat Carmiel, April 2, 2009, Bloomberg

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