Average Price of Manhattan Apartment Tops $1.2 Mln

NEW YORK (Reuters) - The average sale price for a Manhattan apartment topped $1.2 million in the first quarter, a new record, as the supply of properties for sale shrunk, according to the Prudential Douglas Elliman Manhattan Market Overview.

The average sale price rose to $1.21 million — up 23 percent from the final quarter of 2004 and up 26 percent from a year ago.

In the condominium sector, the average sale price jumped to $1.55 million

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