Sales of Manhattan apartments slipped (again) in the fourth quarter, but there were signs of stability

“The Manhattan residential market ended the decade much in the same way it began: not with a bang, but a whimper,” says Garrett Derderian, managing director of market analysis at CORE, which released a fourth quarter Manhattan market report and a Manhattan new development market report.

Derderian points out that contract activity is a better gauge to understand activity within the quarter itself. “Super-prime sales, while making a nice headline, are outliers in the current market. While some high-priced transactions occurred within the quarter itself, many deals, most notably at 220 Central Park South, entered contract up to three or more years ago and are not reflective of current conditions,” he says.

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