Manhattan prices drop 8 percent

December 04, 2008 08:51AM

Wall Street layoffs and the economic crisis are taking their toll on the Manhattan real estate market. The average home price in Manhattan has fallen 8.8 percent since the beginning of the year, according to appraisal firm Mitchell, Maxwell & Jackson. And the number of contracts signed in September and October is 75 percent lower than the same time last year, the firm said.

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