Too Damn High: Manhattan Average Apartment Prices Reach Record of $1.87m

The average price of an apartment in Manhattan has reached a record high of $1.87m.
The last record was $1.77m in the first quarter of 2014. But an 11% increase in the second quarter of this year took the price to the new high, according to a report from Douglas Elliman Real Estate.
Overall, the average price of a New York City apartment in 2014 was $1.7m. That in itself was a record high.
“It’s like everyone revved up their engines again,” Pamela Liebman, CEO of the Corcoran Group, told the New York Times. “In all my years of doing this, I have never seen such a hunger for New York City real estate.”