Manhattan Apartment Prices Plunge

By J.W. Elphinstone

NEW YORK -- Apartment prices in the typically resilient Manhattan market plunged in the second quarter by the largest annual amount in decades, data released Thursday showed.

The median price fell between 13% and 19% from a year ago, according to four separate reports, and sales were off by half from last year's totals.

"The city did a nosedive. There was virtually no business," said Dottie Herman, president & CEO of Prudential Douglas Elliman, one of the largest real estate brokerages in New York. ...