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Elliman Report: Manhattan Sales 4Q 2016

The Manhattan housing market showed more signs of easing in the final quarter of 2016, capping off a lackluster year relative to the frenzy of the prior several years. Legacy contracts, new development sales signed a few years ago that recently closed when their respective projects were completed, continued to push prices higher than conditions reflected. Overall average sales price increased 7.7% to a 27-year record of $2,098,459 largely skewed by those legacy contracts within the new development market…

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