Manhattan apartment sales drop

October 3, 2008 7:58:04 AM PDT
Real estate experts say it's still too early to tell how Wall Street's troubles will impact the Manhattan apartment market.But even with the financial crisis still emerging, sales of Manhattan apartments have dropped for the third consecutive quarter.

That's according to two reports released today by real estate firms.

Prudential Douglas Elliman reports a 24-percent dip in sales in the third quarter compared to the same period in 2007, while Brown Harris Stevens says sales volume in Manhattan dropped 14 percent from the third quarter of last year.

Since buying an apartment can take a year, experts say the numbers likely don't reflect the recent turmoil on Wall Street.

Tens of thousands of layoffs are expected in New York's financial sector and experts say the economic picture that emerges in the first half of 2009 could be grim.