Brown Harris Stevens published the 4th Quarter Manhattan Residential Market Report.

According to the report, the average apartment price of $1,449,621 was up slightly from a year ago, but down 2% from the previous quarter. While the number of closings decreased by 9% compared to the same period a year ago, both the average and median prices were higher than this time last year.

The market share of new developments continued to increase, making up 42% of all apartment sales and 72% of condominium sales during the fourth quarter of 2008. These new development units posted an average price of $1,717,115, 3% higher than the prior quarter.

The average condominium price overall was $1,713,124, down 7%; however, if 15 Central Park West and The Plaza are factored out, the adjusted figure would actually be up 21% from the fourth quarter of 2007 and would set a new record.
 
The average price for cooperatives during the fourth quarter of 2008 was $1,103,952, up 3% from the same period a year ago.

• Pricing gains on the East Side were led by one- and three-bedroom homes, whose average price rose 11% and 9%, respectively, over the past year.
  
• With significantly fewer closings at 15 Central Park West, West Side prices fell when compared to the fourth quarter of 2007, especially for large apartments.
  
• 65% of closings Downtown were in new developments, where the average price was higher for all sizes of apartments when compared to the same period last year. 

For more information, check out the Brown Harris Stevens site, www.BrownHarrisStevens.com.

—Robert Burke