Manhattan Apartment Prices Reach Record Amid Bidding Wars

Manhattan apartment prices jumped to a record in the second quarter, pushed up by competition for a limited number of properties and strength in the luxury market.

The average sale price of all co-ops and condominiums was $1.87 million, up 11% from a year earlier and the highest in 26 years of data-keeping, according to a report Wednesday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Resale apartments and units in new developments each set their own price records amid interest from both investors and buyers who intend to live in the homes.

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