Average Manhattan apartment price climbs

The average apartment price in Manhattan climbed to $1.38 million, up 10 percent, in the fourth quarter compared to fourth-quarter 2009, according to a new report by ResidentialNYC.com, the public real estate listings site of the Real Estate Board of New York. Meanwhile, citywide, the average apartment price climbed 13 percent during the same time period, to $889,000. Despite these rising prices, transaction volume citywide declined 24 percent year-over-year, down to 8,800 from 11,600 during fourth-quarter 2009. Steven Spinola, REBNY president, suggested that a post-tax-credit burnout may be to blame for the drop-off in activity. “The market is getting back to its regular cyclical patterns in the post-recession environment,” Spinola said. According to the fourth-quarter reports from the the Corcoran Group, Prudential Douglas Elliman and Brown Harris Stevens, sales activity has slowed, but pricier apartments are selling in Manhattan. TRD