Real Estate

Manhattan apartment deals fall 31% while sales boom in the suburbs

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Luxury apartments are advertised in a realtors window on the West Side of Manhattan in New York City.

Spencer Platt | Getty Images

Manhattan residential sales contracts fell 31% in August while deals in the suburbs and Florida surged, suggesting that the flight from New York City continued through the summer.

There were 585 sales contracts for condos and co-ops in Manhattan in August, compared with 848 a year ago, according to a report from Douglas Elliman and Miller Samuel. The high end is suffering the biggest drop — contracts for condos and co-ops price at more than $4 million fell 44%.

The drop is a slight improvement from July, when contracts declined 57%. Yet the August boom in real…



Source cnbc.com

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