…Even while the broader Manhattan apartment market is still below peak levels—the average sales price of an apartment was $1,149 a square foot in the second quarter, compared with $1,322 a square foot in the second quarter of 2008, according to Miller Samuel Inc—demand has been soaring for new high-end projects over the past two-and-a-half years….
…”The math doesn’t work for much lower-priced new development in the core markets of Manhattan,” Jonathan Miller, chief executive of appraisal firm Miller Samuel, said of condo development….
