Manhattan Apartment Prices Soar To Record High

And we thought the rent was too damn high.
NEW YORK, NY - MAY 05: People congregate on the top of Rockefeller Center's viewing deck 'Top of the Rock' to view the Manhattan skyline on May 5, 2015 in New York City. In an effort to reduce Manhattan's carbon footprint, New York's City Council is considering a bill that would limit the amount of external light commercial buildings may use when empty at night. If approved, the bill could alter the use of lights in nearly 40,000 structures and potentially change the iconic nighttime view of Manhattan. The controversial bill has received support from Mayor Bill de Blasio. (Photo by Spencer Platt/Getty Images)
NEW YORK, NY - MAY 05: People congregate on the top of Rockefeller Center's viewing deck 'Top of the Rock' to view the Manhattan skyline on May 5, 2015 in New York City. In an effort to reduce Manhattan's carbon footprint, New York's City Council is considering a bill that would limit the amount of external light commercial buildings may use when empty at night. If approved, the bill could alter the use of lights in nearly 40,000 structures and potentially change the iconic nighttime view of Manhattan. The controversial bill has received support from Mayor Bill de Blasio. (Photo by Spencer Platt/Getty Images)

NEW YORK -- Manhattan apartment prices have soared to a new high.

The average sales price of all co-ops and condos in New York’s most densely populated borough reached $1.8 million in the second quarter of 2015, according to a new report by the brokerage firm Douglas Elliman Real Estate. That’s up more than 11 percent from the same period last year.

The increase reflected a huge uptick -- roughly 21 percent -- in the median sales price for luxury units with three to four bedrooms.

Still, the number of closed sales in Manhattan decreased 20 percent compared to the same period last year.

Manhattan co-op and condo sales, depicted in blue, decreased in the first half of 2015, but prices continued to climb.

Real estate prices across New York City are rising. In April, the median rent for one-bedroom apartments throughout the city hit $3,100 -- a 3.3 percent hike from a month earlier, according to the real estate startup Zumper.

But Manhattan still boasts the most expensive neighborhoods, with the median rent hovering near the $4,000 mark in Chelsea, Gramercy Park and Greenwich Village.

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