Published On: Thu, Oct 1st, 2015

Manhattan real estate hits new price record Robert Frank

THE CHARLES IMAGE- Penthouse at The Charles sold for $38 million,   making it the most expensive apartment sold in Manhattan during the third quarter.

The price of a square foot of real estate in Manhattan hit a record in the third quarter — rising to $1, 497, according to a new report.

The third-quarter Manhattan real-estate report from Douglas Elliman showed the real estate market was surprisingly strong given global economic weakness and volatility in the stock market. Inventory is tightening, prices are rising and apartments are selling faster and with frequent bidding wars. Despite some claims that real estate — especially at the high end — is reaching bubble proportions, there are few signs of a slowdown, at least for now.

Read the full story at CNBC, by Robert Frank


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