Manhattan home prices surged to a record in the fourth quarter, propelled by closings of luxury deals in new developments that were agreed to years ago, when construction was just starting on many of the buildings.
The median price of all completed co-op and condominium purchases in the borough jumped 17 percent from a year earlier to $1.15 million, the highest in 27 years of record-keeping, according to a report Tuesday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.
That tops the previous peak of $1.03 million, set in the second quarter of 2008, before the collapse of Lehman Brothers Holdings Inc. triggered a plunge in property prices and a near standstill in sales.