Manhattan housing market sees historic drop: Reports

The recession has hammered confidence in the Manhattan real estate market, with first quarter sales falling to their lowest number in decades, experts said.

Three reports released yesterday estimated a plunge in sales of Manhattan apartments between 47.6 percent and 60 percent, although some real estate firms reported median sale prices rose slightly.

"It's the largest I've ever seen," said Jonathan Miller, president of the Miller Samuel Inc. consulting firm, which has tracked similar data for 20 years.