A pedestrian stands in front of a Manhattan condominium building in New York.
Mark Abramson | Bloomberg | Getty Images
Manhattan apartment sales in the second quarter saw their biggest decline in three decades — and the worst quarter on record — as the real estate lockdown and urban flight after the Covid-19 crisis put a freeze on the market.
The total number of sales in the second quarter fell by 54%, the largest percentage decline in 30 years, according to a report from Miller Samuel and Douglas Elliman. The median sales price fell 18% to $1 million, the biggest decline in a decade.
There were only 1,147 sales in the quarter — the lowest number on record, according to Compass.
While the data is backward looking and reflect the sudden closure of the real estate market and New York City economy during the coronavirus pandemic, the extent of the drop shows just how far Manhattan real estate has to climb to recover. Brokers were barred from showing apartments from March until June…