Average Manhattan price per foot sets record

Largely lost in the media froth over the Miller Samuel residential market report last week was this: The average price per square foot of a Manhattan apartment set an all-time record in the third quarter. It bounced to $984, a 1.4 percent increase over the second quarter and a 22.5 percent jump over the same period in 2004. The record came during a quarter when the overall market activity increased, according to Miller Samuel CEO Jonathan Miller, even as the average and the median apartment sales prices declined. Also, the market share for studios and one-bedrooms surged during the quarter, driving average prices up in that market and affecting an overall residential market that saw activity in the higher-end decline sharply.