Manhattan Home Prices Reach New High in 2008

New York–Average Manhattan home prices hit a new high in the first three months of the year, according to the Real Estate Board of New York.Co-op, condo and townhouse prices rose 41 percent in the first quarter in Manhattan, the New York Daily News said. Across the city, average price of a New York home, condo or co-op increased 28 percent to $853,000. In the first quarter of 2007, the average price was $669,000.Apartments in the SoHo and Tribeca neighborhoods sold for $2.3 and $2.2 million; the cost of an average Upper West Side apartment skyrocketed 96 percent to $2.1 million.New York City’s outer boroughs didn’t fare as well. The average house price in Queens sunk 5 percent to $458,000; in Brooklyn, prices dropped 3 percent to $582,000. However, apartment prices in both areas rose–10 percent in Queens and 13 percent in Brooklyn.