New construction in New York might be a hot topic in development and investor circles, but the real meat and potatoes for agents and clients is in Manhattan’s hot resale market. According to data released from Brown Harris Stevens (BHS), average sale price for apartments in Manhattan has climbed double digits since last year. Although apartments sold in the second quarter actually stayed on the market for more days than last year (88-day average, up 6 percent from 2015), the median price set a record high of $950,000. This is due to the low inventory in the area, the report says, and the high demand for studio and one-bedroom units. “Much of the new inventory coming on the market are more condos positioned for the higher income buyer looking for larger units,” said Charles L. Ruoff, …
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