Real Estate

Manhattan luxury apartments are in short supply, driving up prices


Guests attend a pool party in the penthouse apartment at the 50 United Nations Plaza building in New York.

Michael Nagle | Bloomberg | Getty Images

A shortage of luxury apartments in Manhattan is causing a surge in prices at the top of the market, even as broader apartment sales and prices come under pressure from rising mortgage rates.

Manhattan apartment sales fell 23% in the third quarter as rising interest rates squeezed potential buyers, according to new data from Douglas Elliman and Miller Samuel. Median and average sales prices remained flat, with the average price of a Manhattan apartment stalled at $1.96 million and the median price at $1.15 million.

The high end of the market,…


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