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Market update.

Prices for residential units in Manhattan are higher than they were a year ago, according to two reports released by the Real Estate Board of New York.

Prices for postwar West Side condominiums set a new record at $729 per SF, while prices in six out of eight market areas examined in REBNY's Quarterly Condominium and Townhouse Report were higher than last year.

A companion study, REBNY's Quarterly Cooperative Report, found that the median prices per room for studio and one-bedroom cooperatives edged up three percent from the same period last year, while two-bedroom cooperatives posted a five percent increase. Both market sectors eased slightly from the first quarter of 2003.

"Our data shows that both the Manhattan condominium and cooperative markets are still strong, with prices rising three-to-five percent for some types of cooperative apartments as compared to a year ago, and records being set for West Side postwar condominiums," said REBNY president Steven Spinola.

"Despite the recent rise in interest rates, New Yorkers are still investing in housing."
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Title Annotation:prices still high in Manhattan; Residential
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1U2NY
Date:Oct 15, 2003
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