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Manhattan real estate prices reach new record with buying ‘frenzy’

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Guests attend a pool party in the penthouse apartment at the 50 United Nations Plaza building in New York.

Michael Nagle | Bloomberg | Getty Images

Manhattan real estate prices reached an all-time high in the second quarter, as buyers returned to the city and boosted demand for the largest, most expensive apartments, according to new reports.

The median resale price for Manhattan apartments hit $999,000 in the second quarter — the highest on record, according to a report from Douglas Elliman and Miller Samuel. Average sale prices rose 12% in the quarter, topping $1.9 million.

The price jumps and shrinking inventory suggest that the Manhattan real estate rebound continues to gain momentum, as more families look to trade up to larger apartments and buyers look to take advantage of lower prices and low mortgage rates.

“It’s a sign of the frenzy and intensity of the market,” said Jonathan Miller, CEO of real estate appraisal firm Miller Samuel. “It’s…

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