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The average price of an apartment Manhattan is topping $2 million

mn Manhattan real estate prices set a new record during the first quarter, with the average price of an apartment topping $2 million for the first time in history, according to a report from Douglas Elliman and Miller Samuel Real Estate Appraisers & Consultants. The average price per square foot also set a new record, hitting $1,713.

Granted, sales have slowed. Though the total number of sales, 2,877, grew 8 percent compared to the same quarter last year, listing inventory increased 5 percent over the year.

Housing experts say that while the very top of the market — apartments priced at $5 million or more — has slowed, the core market of apartments priced at $1 million to $5 million remains strong.

Despite widespread fears about a flood of new inventory coming into the market, inventory of new development fell 44 percent over the same period last year.

The most expensive apartment sold during the quarter was a 7,000-square-foot, five-bedroom home at 101 Central Park West, which went for $35.3 million.