2007 record year for new developments 

According to a year-end report released by the Corcoran Group, 2007 was a record year for new condos in Manhattan. The volume of new development sales increased 42 percent compared to the previous year and accounted for about 30 percent of total sales. The median price of a new condo increased 30 percent to $1.205 million. New condos saw a 10 percent increase in price per square foot compared to the prior year, increasing to $1,323 per square foot. Big-name properties like the Plaza, 40 Mercer and 40 Bond drove sales prices to a peak in the third quarter, the report said. TRD