Real Estate

Manhattan apartment sales worst on record, biggest plunge in 30 years


A pedestrian stands in front of a Manhattan condominium building in New York.

Mark Abramson | Bloomberg | Getty Images

Manhattan apartment sales in the second quarter saw their biggest decline in three decades — and the worst quarter on record — as the real estate lockdown and urban flight after the Covid-19 crisis put a freeze on the market.

The total number of sales in the second quarter fell by 54%, the largest percentage decline in 30 years, according to a report from Miller Samuel and Douglas Elliman. The median sales price fell 18% to $1 million, the biggest decline in a decade.

There were only 1,147 sales in the quarter — the lowest number on record, according to Compass.



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