NEW YORK, Jan 13 (Reuters) - The median sales price of an apartment in the New York City borough of Brooklyn fell 7.5 percent in the fourth quarter amid turmoil on Wall Street and financial sector layoffs, according to a report.
Prices are declining citywide as the protracted U.S. housing slump belatedly reached New York following upheaval in the financial sector. Cheaper, outlying sections of the city like Brooklyn are at relatively more risk than is the commercial and cultural center of Manhattan during such times, said Jonathan Miller, CEO of appraisal firm Miller Samuel, who wrote the report with real estate brokerage firm Prudential Douglas Elliman.
"With Manhattan starting to see weakness, the price advantage is less compelling," Miller said.
New York City 2010
