Manhattan apartment prices reached new highs in 2015, with the typical price of a co-op or condominium topping $1 million for the first time as the year drew to a close.
The new benchmark, in the fourth quarter, was a milestone in the rising cost, and for many the unaffordability, of homeownership in New York City.
Many brokers and analysts attributed the marker to a surge in closings at expensive new buildings that have been under construction for years, including many deals signed months or even years ago. The rest of the market showed more modest prices gains and slower sales growth.
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